National Bank of Cambodia and Securities and Exchange Regulator of Cambodia Target Crypto Sector with New Regulatory Framework

On September 23, the National Bank of Cambodia (NBC) and the Securities and Exchange Regulator of Cambodia (SERC) jointly launched a regulatory framework establishing licensing and reporting requirements for the virtual asset sector. Under the new framework, commercial banks must obtain authorization from the NBC to provide virtual asset services, while non-bank entities are required to secure a license from the SERC—a subsequent regulatory release will define the scope of permitted activities. Entities authorized by either regulator will be classified as reporting entities under the Cambodia Financial Intelligence Unit and will be subject to anti-money laundering and counter-terrorism financing requirements. Firms supporting crypto-related infrastructure, such as cloud computing, data hosting, or transaction-broadcasting services, but do not directly offer virtual asset products or investment services, are not within the framework's scope.

The announcement coincides with ongoing efforts to formalize Cambodia’s digital asset ecosystem through the proposed Law on the Management of Virtual Assets and Digital Assets, with a final draft expected in November and legislative approval targeted by the end of 2026. The legislation is being designed to incorporate the Financial Action Task Force’s (FATF) standards on virtual assets and the Travel Rule, alongside the regulatory principles of the International Organization of Securities Commissions (IOSCO). For companies seeking to enter or expand in Cambodia’s virtual asset, fintech, or digital financial services markets, these developments, together with the NBC-SERC framework, signal the country's transition from a largely restrictive approach toward a more structured and internationally aligned regulatory regime. In turn, this should provide greater regulatory clarity and a more defined compliance pathway for financial institutions and virtual asset service providers.

While the evolving framework may create new market opportunities, virtual assets remain neither legal tender nor government- or central bank-backed assets. Given persistent concerns surrounding fraud, market volatility, terrorism financing, tax evasion, cybercrime, and money laundering, companies should anticipate rigorous licensing reviews and heightened regulatory scrutiny from both the NBC and SERC. Compared with some regional markets, applicant firms may face more extensive compliance requirements, including enhanced due diligence, regular off-site reporting obligations, and periodic regulatory inspections.