Home cryptocurency Cambodian govt Declares Trading & Selling of Crypto without License Illegal

Cambodian govt Declares Trading & Selling of Crypto without License Illegal

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The National Bank of Cambodia (NBC), the Commission of Cambodia, and the General-Commissariat of National Police, these three Cambodian government bodies have jointly announced that the propagation, circulation, buying, selling, trading, and settlement of cryptocurrencies without obtaining a license are illegal activities.

It therefore means that to get involved in any cryptocurrency dealings or activities one must obtain a license first.

This new policy regarding the legality of crypto activities in the country was signed on May 11 but published on Tuesday, June 19.

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“Competent authorities have recently observed that cryptocurrencies such as Kh Coin, Suncoin, K Coin, Onecoin, Forex coin and other similar cryptocurrencies have been propagated, circulated, bought, sold, traded and settled actively in Cambodia,” the trio wrote, adding:

“Competent authorities clarify that the propagation, circulation, buying, selling, trading and settlement of cryptocurrencies without obtaining license from competent authorities are illegal activities.”

The trio governmental bodies emphasized that “Any person or legal entity” engaged in any of the above activities without a proper license “shall be penalized in accordance with applicable laws.” Although, we don’t know yet if this is also applied to bitcoin, ethereum and others since the statement does not mention bitcoin or any crypto with a large market cap.

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