Cambodia will require a license for cryptocurrency operations

Authorities informed that investors should request a license for digital currency transactions

Investors in Cambodia, as well as anyone interested in making cryptocurrency transactions in the country, must have a license. This has been reported by the authorities, who warned that if they refuse to obtain permits, the activities will be considered illegal.

In order to avoid crimes such as money laundering, tax evasion, fraud and scams, as well as damages to society, the Cambodian authorities have established regulations on digital currency transactions. The main measure is the requirement of a license for crypto transactions and related operations.

Other aspects that have driven the recent decision in the Asian country are the volatility of digital currency prices and the exposure of customers and investors, as well as consumers, due to the lack of protection tools.

Those involved in these financial activities have shown interest and also concern, because until now the details about the requirements to manage the license have not been published, nor what type of permit will  be required for each specific case.

Cambodian authorities have not yet established the regulations on ICOs, a technology that is gaining ground in the world. Those interested will have to wait for the policies and regulations to be defined in this regard.


Source: Coincrispy

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