Cambodia

{
  "analysis_text": "As of December 2025, Cambodia has transitioned from a restrictive \u0027Gray-Zone\u0027 to an \u0027Allowed-Regulated\u0027 environment, characterized by a stark divide between licensed local operations and banned offshore entities. The regulatory turning point occurred in December 2024 with the National Bank of Cambodia\u0027s (NBC) issuance of *Prakas B7-024-735*, which finally provided a clear legal framework for Cryptoasset Service Providers (CASPs). This regulation allows commercial banks and payment institutions to offer crypto services\u2014such as custody and exchange\u2014subject to strict NBC approval and capital requirements.\n\nRetail trading is permitted but channeled almost exclusively through the Royal Group Exchange (RGX), which launched in January 2024 under the Securities and Exchange Regulator of Cambodia\u0027s (SERC) Fintech Regulatory Sandbox. RGX allows Cambodian citizens to trade over 100 digital assets, including Bitcoin and Ethereum, using local KYC procedures. This local licensing regime is the only legal route for trading; the 2018 Joint Statement banning unlicensed activities is now being enforced rigorously. In November 2024, the Telecommunication Regulator of Cambodia (TRC) blocked access to 16 major offshore exchanges, including Binance and Coinbase, citing their lack of local licensure.\n\nThe regulatory framework distinguishes between \u0027Group 1\u0027 assets (tokenized securities and stablecoins) and \u0027Group 2\u0027 assets (unbacked cryptocurrencies like Bitcoin). While individuals can trade both types on licensed exchanges, financial institutions face stricter limits. Banks are permitted to hold Group 1 assets for their own accounts but are prohibited from holding Group 2 assets, protecting the core banking system from volatility while allowing them to facilitate customer transactions.\n\nEnforcement remains active and visible. In December 2025, the NBC revoked the license of payment provider Huione Pay Plc for non-compliance with the new crypto asset regulations, signaling that the regulator is serious about policing the boundary between the regulated financial system and the crypto sector. Consequently, while retail investors have a legal path to trade, they are effectively ring-fenced into the domestic, regulated ecosystem.",
  "confidence_level": "High",
  "executive_summary": "Retail cryptocurrency trading is legal in Cambodia but strictly regulated under a dual-framework overseen by the National Bank of Cambodia (NBC) and the Securities and Exchange Regulator of Cambodia (SERC). While a 2018 ban on unlicensed activities remains the legal foundation, the regulatory environment evolved significantly in late 2024 with the issuance of Prakas B7-024-735, which established a licensing regime for Cryptoasset Service Providers (CASPs). As of late 2025, individuals can legally trade on the licensed Royal Group Exchange (RGX), while access to unlicensed offshore platforms like Binance and Coinbase has been blocked by telecommunications regulators.",
  "grounding_urls": [
    {
      "resolved_url": "https://erickimphotography.com/safe-and-legal-methods-to-acquire-bitcoin-in-cambodia/",
      "title": "erickimphotography.com",
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      "title": "lightspark.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQHC4ZhLIFuyPyWXbQXhnsKKgDogAp6qowyLZPl3XoKKIM0Amt8K8wYkDvlBffpDvfmfKpADSfz19ao-48mfRSVEzI3AU77E9DYskFlSdFEfaOT0PKaFUAHjveW-jktnEzPsSoWJmjKy58NuUihvUJMEeBIS_li6nRng3Zk="
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      "resolved_url": "https://b2b-cambodia.com/articles/exploring-rgx-an-in-depth-look-at-cambodias-first-licensed-digital-asset-exchange/",
      "title": "b2b-cambodia.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQF2JIiXWryaQ7UorzTXr4wtRHaqESK8QZaZHyWaB2ZP6JYJUhv650yUfkCmuKq0MFiW2x0MnZY7u3o4r37lAWIBaz7No9DPHVLPNMaoRh1xWcc_4if2NGeEXlkxFmnmjZbN_Fs3qwuYWtQ1Wu5ozSSDnVwdWpkMzba6pNlTc4xwVI4scEMej54HaukCXudnB7JVRyhwsFkNvhT-IabM1CTL-mtLVdjD6B8jo1Cyy6iv"
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    {
      "resolved_url": "https://research.hktdc.com/en/article/MTkyNDQ0NjkzOA",
      "title": "hktdc.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQHvHw-8IU_c-Dtz9PZOqqZx5Tw4hR-0A0bShCmXicjI7CoFNMUn27ur-chWVx6zxHaGy_9ibM7GgBbFCoWFe1hrP5lgLIWKdVG7uCaQezU-nxrPD2gOJr1l2LtF8VDv_mPtmbkFEj_3IMoK_z9lmag="
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      "resolved_url": "https://stablecoin.so/stablecoin-digital-asset-regulations-in-cambodia-compliance-overview-rwa-policies-template-mapping/",
      "title": "stablecoin.so",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQGlx7AGBLMKDGnom9_NFsWGWgvWCuBElHf9m03dCgdTFSr1HBYo3ntdizSZLxI9nPBBfHvZPtf5QHveLz57WjM5JFHzLl_E4FzNlNG97pjOcP7kmW72m5547V1s40KzC1OsWxV9VY-Pho9ENsTM4JxacnqgBpHVt8-_IlOsMpgbdtPre7CIwUwQDG_treKD6AaNbOny_TDWTjWQ6jrmoToOTUiN3g9zKqUtLiAjMOsPLUMXjbs="
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    {
      "resolved_url": "https://www.dfdl.com/insights/legal-and-tax-updates/cryptoassets-regulation-introduced-by-the-national-bank-of-cambodia-nbc/",
      "title": "dfdl.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQHfkwLdeDhZRrqVyzKbbBsOzKsduv7Po2Ta1sG53rV-77lNwh0ezFkoFusfLL-yMdXLh0bwT0HEhJenrnCyob2BEfvWTl5GbLaGnLEM4GLuq-ZptS3-9EbSrRDT3h3hWrBHXvRIveuMODznfYlpJR-B88kPU7uiZOdqIG-aj76wYCQ-T9nnatSHrqsSlmMBJ76dIeyHYhz2mgE2uMJMU0nTyFh6Pdh1LZP7jTYMw666t7sS5oeo_VI="
    },
    {
      "resolved_url": "https://www.sithisak-lawoffice.com/legal-update-prakas-on-transaction-related-to-crypto-assets/",
      "title": "sithisak-lawoffice.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQE4joTIM_q7La9AtwCOE53HoCqhc9TVWPZsoN5_HoFV4N1Du-BTVcE9WmU7VfWb7ZPHjXuwz2aBv6oTiJLoEC-y5jkUcaVgpcqC7KE2N550nPp4AIP1Do6BivKTwSfc7VNgigCI_uBpDCrTU1D9toWOUmSoM2-uVd13tDzOmdVHdPTDNYJ8R0hkYS8hxi_HX-OX7qfqe6RRI-m0"
    },
    {
      "resolved_url": "https://erickimphotography.com/government-stance-and-regulation-for-cambodia-khmer-bitcoin-future/",
      "title": "erickimphotography.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQEHNE9xZ42l-5WPc6Blgqcz6ehX7-eaRxBXGSLRE3ONR9yTpNBQHchxGLu9bLm3MgVmiuPzjZK6qhYhPiU_2IOFSwmge9TGzbHU7zu6swaCJrpFhRu0iZXhYS_ZTp999zSzXelyc5GXmcREyURUB9-ax_QplvuCx7R4mE5rOn-XGyoYDobVANoQUYrIr5PqTyKE-rfQpTCmQMjsrqqi"
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    {
      "resolved_url": "https://citizenx.com/insights/binance-kyc-with-cambodian-passport/",
      "title": "citizenx.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQGJ0pVdL1zJqq7TR7guipmx6uOz2qpMtqeiR8SjykqyW9wBAen0Il5ai1Gulzs3joN6Ix8iRmzvKry0K9_huJR3CUqu4w4IDvJrrTaQvzb_G-0hdKwIaf1B34wcr-BJ07sc3uYEOgyn1kiScr7ShuS9lbakBY1sBXTuOGDyYw=="
    },
    {
      "resolved_url": "https://grafa.com/news/cryptocurrencies-binance-and-coinbase-blocked-in-cambodia-over-licensing-issues-324369",
      "title": "grafa.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQGjAv8mNckRZF-R8lC8-37i-0tlrdwLv2I-CMEbMtfZ2VabTyOK08aQRacViVSGqMXCkHj-E8m8erkxZlqTlQc2mga1-yFnZzxdfLTead_g0c03H7_oMP_SaJD719PueG99Y1qa-PmZGrPKYBJPLBFp0cUaTVXISjeLYhH_1-1BlgFw627htfhvxo8FSYBNhnds_UHKP97Hn7WvJcYcalHu_VRu3K7ifQA="
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    {
      "resolved_url": "https://dig.watch/updates/cambodia-blocks-binance-and-coinbase-in-crypto-crackdown",
      "title": "dig.watch",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQGlsehcblRo3IauHfFAMz-uD2qmMnv_AIH6ShZ5CNGTtJOV4U5-ddlPQJ9YvQPLMh4P9AzBzl5Fmd5audh_Tx5LYIztZAd-D1ercZW1n1Omo3xIpYiZBPyW2aZ7gstu_8ey8_YRQvMISn-WP5It51MlkzD-u-sAH7-YM5CtCeR-NmCFN7c0rSX4ubvdWMQ="
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    {
      "resolved_url": "https://www.binance.com/en/square/post/17056451361178",
      "title": "binance.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQECqkltfpcYRsuhXDa3YI6Fn0c3-_hfw1UtINl3GirCoZttdS-0AP4NxthQYfQyKhnmrGXtPy3ZbK3yDB0723LaNH9ksB84ienzlnMW-f0fIUW5UUxqezfOqmXY8pYvz0jR6ZHb-aCkgfIbAmGGg1nK"
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      "resolved_url": "https://b2b-cambodia.com/news/overseeing-the-benefits-and-regulations-of-digital-assets-in-cambodia/",
      "title": "b2b-cambodia.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQHIGb_bGfMv0YA27IyqpNtvXqjX8rEVcPRq-VFdgIYB_8j0dNvtn3xeTIbpnXeZg4r8TPo4Yb3sokIB6s0yTDoq_Yg3Hxn2u29g9CN4x2vWbpS6sPaJ2Oh9nKalKe-XmmjMX2cIsSGe-x7u-wRAbuD7TNo7_FaOhkXF5Eo__ImyYbhg36VW6O83CKloCufoVLdTSig5siIYs716ioCX35E="
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    {
      "resolved_url": "https://www.nbc.gov.kh/download_files/news_and_events/news_eng/5223Joint_statement_NBC_SECC_POLICE_ENG.pdf",
      "title": "nbc.gov.kh",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQGazZ9AVIrhhvlQMFpB29iaGbc5iUd4-dLdsvMjCFgBByGOZHqBL3kVkSEAQyBs6o-7C5t3XcJXHw8XAIDqKqZ7OWuBUw6YRtqY0qwHv6UOnalUb7wndW3RPHYd_0feJFNNr4iKWusYYrMj4P3ZT2guGORrsdAzhfE5ZogQYVsAqYu9hyMsvHa2gPWQ9x2maTK8WWPa2xl_oWXFb2Y9Ui2zNVhFAas="
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    {
      "resolved_url": "https://yuantacambodia.com.kh/files/RGX%20Report_120224_final.pdf",
      "title": "yuantacambodia.com.kh",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQH859qbSTbxdwlsg-umn97Lw9lmou_U0bzQu1NnRBIeNLabe7OP-X8aNBHAuRFv-T3vUE2AeLWBqK5lk3H4_YzNeW7-VMujV0L3KDFg6y5RFs1TyKKDNmlVBZITpmrIN2LEw_RltVRNH-PQuLchj0GL6BzOULAaW_du70hu"
    }
  ],
  "status": "Allowed-Regulated",
  "structured_data": {
    "confidence_level": "High",
    "detailed_analysis": "As of December 2025, Cambodia has transitioned from a restrictive \u0027Gray-Zone\u0027 to an \u0027Allowed-Regulated\u0027 environment, characterized by a stark divide between licensed local operations and banned offshore entities. The regulatory turning point occurred in December 2024 with the National Bank of Cambodia\u0027s (NBC) issuance of *Prakas B7-024-735*, which finally provided a clear legal framework for Cryptoasset Service Providers (CASPs). This regulation allows commercial banks and payment institutions to offer crypto services\u2014such as custody and exchange\u2014subject to strict NBC approval and capital requirements.\n\nRetail trading is permitted but channeled almost exclusively through the Royal Group Exchange (RGX), which launched in January 2024 under the Securities and Exchange Regulator of Cambodia\u0027s (SERC) Fintech Regulatory Sandbox. RGX allows Cambodian citizens to trade over 100 digital assets, including Bitcoin and Ethereum, using local KYC procedures. This local licensing regime is the only legal route for trading; the 2018 Joint Statement banning unlicensed activities is now being enforced rigorously. In November 2024, the Telecommunication Regulator of Cambodia (TRC) blocked access to 16 major offshore exchanges, including Binance and Coinbase, citing their lack of local licensure.\n\nThe regulatory framework distinguishes between \u0027Group 1\u0027 assets (tokenized securities and stablecoins) and \u0027Group 2\u0027 assets (unbacked cryptocurrencies like Bitcoin). While individuals can trade both types on licensed exchanges, financial institutions face stricter limits. Banks are permitted to hold Group 1 assets for their own accounts but are prohibited from holding Group 2 assets, protecting the core banking system from volatility while allowing them to facilitate customer transactions.\n\nEnforcement remains active and visible. In December 2025, the NBC revoked the license of payment provider Huione Pay Plc for non-compliance with the new crypto asset regulations, signaling that the regulator is serious about policing the boundary between the regulated financial system and the crypto sector. Consequently, while retail investors have a legal path to trade, they are effectively ring-fenced into the domestic, regulated ecosystem.",
    "executive_summary": "Retail cryptocurrency trading is legal in Cambodia but strictly regulated under a dual-framework overseen by the National Bank of Cambodia (NBC) and the Securities and Exchange Regulator of Cambodia (SERC). While a 2018 ban on unlicensed activities remains the legal foundation, the regulatory environment evolved significantly in late 2024 with the issuance of Prakas B7-024-735, which established a licensing regime for Cryptoasset Service Providers (CASPs). As of late 2025, individuals can legally trade on the licensed Royal Group Exchange (RGX), while access to unlicensed offshore platforms like Binance and Coinbase has been blocked by telecommunications regulators.",
    "important_considerations": [
      "Strict enforcement against unlicensed entities: Access to major offshore exchanges (Binance, Coinbase, OKX) was blocked by the Telecommunication Regulator in late 2024.",
      "Banking restrictions: While banks can now facilitate crypto services for clients, they cannot hold unbacked crypto (Bitcoin) on their own balance sheets.",
      "Limited options: As of late 2025, the Royal Group Exchange (RGX) is the primary licensed avenue for retail trading.",
      "Asset Classification: \u0027Group 2\u0027 assets (Bitcoin, Ethereum) are treated as higher risk and subject to stricter prudential limits for institutions."
    ],
    "key_regulatory_pillars": [
      "National Bank of Cambodia (NBC): Primary regulator for banking integration and payment settlement institutions; issues CASP licenses.",
      "Securities and Exchange Regulator of Cambodia (SERC): Oversees the Fintech Regulatory Sandbox and digital asset exchanges (like RGX).",
      "Prakas B7-024-735 (2024): Defines crypto assets, establishes licensing requirements, and splits assets into Group 1 (tokenized/stablecoins) and Group 2 (unbacked crypto).",
      "Fintech Regulatory Sandbox: The mechanism through which the first legal exchange (RGX) was approved."
    ],
    "landmark_legislation": [
      {
        "date_enacted": "2024-12-26",
        "identifier": "Prakas B7-024-735 Prokor",
        "name": "Prakas on Transactions Related to Cryptoassets",
        "summary": "Formalizes the sector by allowing banks and legal entities to offer crypto services with NBC approval. Classifies assets into Group 1 (tokenized assets/stablecoins) and Group 2 (unbacked crypto like Bitcoin). Banks are restricted from holding Group 2 assets for their own account.",
        "url": null
      },
      {
        "date_enacted": "2018-05-11",
        "identifier": "NBC-SECC-Police Joint Statement",
        "name": "Joint Statement on Cryptocurrencies",
        "summary": "Prohibited the propagation, circulation, buying, selling, trading, and settlement of cryptocurrencies without a license. Remains the basis for enforcement against unlicensed operators.",
        "url": "https://www.nbc.gov.kh/english/news_and_events/press_releases_info.php?id=88"
      },
      {
        "date_enacted": "2022-12-01",
        "identifier": "SERC Sandbox Framework",
        "name": "Fintech Regulatory Sandbox Guidelines",
        "summary": "Allows innovative financial products, including digital asset exchanges, to operate in a controlled environment under SERC supervision.",
        "url": null
      }
    ],
    "notes_and_comments": "The blocking of Binance in late 2024 was a major shift, as Binance had previously signed an MOU with the SERC in 2022 to assist with regulation. This suggests the government prioritized a strict local licensing model over open collaboration with offshore giants.",
    "primary_sources": [
      {
        "date": "2018-05-11",
        "key_quote": "The propagation, circulation, buying, selling, trading and settlement of Crypto Currencies without obtaining license from competent authorities are illegal activities.",
        "source_type": "official_government",
        "title": "Joint Statement on Cryptocurrencies",
        "url": "https://www.nbc.gov.kh/english/news_and_events/press_releases_info.php?id=88"
      },
      {
        "date": "2025-12-03",
        "key_quote": "The NBC has also identified cryptocurrency transactions... that do not comply with NBC Notification Number B7-024-735 Prokor dated 26 December 2024.",
        "source_type": "regulator",
        "title": "NBC Revokes Huione Pay License and Issues Warning",
        "url": "https://www.nbc.gov.kh"
      }
    ],
    "remaining_uncertainties": [
      "Specific taxation guidelines for retail crypto capital gains under the new 2024/2025 framework.",
      "Whether additional international exchanges have applied for or will be granted licenses to break the current local monopoly.",
      "The long-term status of \u0027Group 2\u0027 assets for banking integration beyond mere custody."
    ],
    "secondary_sources": [
      {
        "date": "2024-12-04",
        "key_quote": "The Telecommunications Regulator of Cambodia (TRC) announced that it has blocked... crypto exchanges... due to licensing issues.",
        "source_type": "news",
        "title": "Cambodia Blocks 16 Crypto Exchange Websites Including Binance",
        "url": "https://grafa.com/news/cambodia-blocks-16-crypto-exchange-websites-including-binance-and-coinbase"
      },
      {
        "date": "2024-01-31",
        "key_quote": "RGX is currently licensed by, and operating within, the SERC\u0027s \u0027Fintech Regulatory Sandbox\u0027.",
        "source_type": "news",
        "title": "Royal Group Exchange (RGX) Launch",
        "url": "https://www.b2b-cambodia.com/articles/exploring-rgx-an-in-depth-look-at-cambodias-first-licensed-digital-asset-exchange/"
      }
    ],
    "status": "Allowed-Regulated"
  }
}