Dealing in cryptocurrencies without obtaining a license from relevant authorities has been declared illegal in Cambodia, according to an official statement published Tuesday, June 19.
The authorities specify these risks as including the fact that cryptocurrencies’ issuance is “not backed by collateral,” vulnerability to cybercrime, price volatility, and a lack of investor protection mechanisms that results from the pseudonymous nature of crypto transactions.
The authorities further raise concern over the potential facilitation of money laundering and terrorism financing, which they likewise attribute to pseudonymity.
The Post report highlighted that regulatory clarity had not yet been forthcoming from the country’s authorities at the time of writing, with cryptocurrencies remaining in a “gray area” between the SECC and NBC’s jurisdictions.
The press release suggested that the Cambodian government was investigating a crypto project dubbed Entapay, which it compared directly with Venezuela’s centrally-issued Petro.
Authorities in Cambodia have announced that domestic investors are now required to obtain a license in order to purchase, sell or trade cryptocurrencies – activities that would be otherwise regarded as illegal.
Dealing in crypto without obtaining a license from authorities has been declared illegal in Cambodia, in a joint statement released today by the country’s central bank
Binance is facing a new legal challenge in North Dakota as more than 300 victims and family members of the 7 October 2023 attack accuse the crypto exchange of enabling transactions linked to Hamas before the assault.
Conexus, Venezuela’s leading payments processor, plans to integrate Bitcoin and stablecoins like Tether (USDT), into the country’s banking network. The payments giant, which handles roughly 40% of electronic transfers in Venezuela, is eyeing a blockchain-based interbank network.
Local banks will offer custody, transfers, and crypto-to-fiat exchange services. The bolivar’s sharp depreciation has driven a surge in stablecoin adoption. Conexus currently processes nearly 40% of Venezuela’s electronic payments.
This week’s top cryptocurrency headlines in Latin America focus on how digital assets are becoming more commonplace. Latin America is establishing itself as a worldwide hotspot for financial innovation fueled by blockchain and stablecoins, with Binance introducing QR code payments in Argentina and the region hitting record levels of crypto adoption led by Brazil and […]
This week’s top LATAM cryptocurrency news focuses on two key actions in the region: Banco Safra introduced Safra Dollar, a US dollar-backed stablecoin designed to make dollar exposure more accessible to Brazilian investors.
Latin America’s crypto scene continues to evolve, with new products and regional expansions highlighting its rapid growth. This week’s most notable news is that World (formerly known as Worldcoin) has taken a significant step toward the future of digital identity by announcing the launch of its program “Build LATAM” throughout Latin America, beginning with Mexico. Venezuela, on […]
