2018-6-20 23:16 |
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.
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