Is crypto legal in Cambodia? Rules & regulation (2026)

Legal framework

National Bank of Cambodia (NBC) Prakas B7-024-735 on Transactions Related to Cryptoassets (26 Dec 2024) for banks/payment institutions; and Securities and Exchange Regulator of Cambodia (SERC, under the Non-Bank Financial Services Authority) Prakas No. 093 on the Licensing and Management of Digital Asset Businesses (30 Dec 2025) for investment-purpose digital asset service providers. Builds on the 2018 NBC/SERC/National Police joint warning.

Status by sub-area

• Stablecoins

  In force

  Stablecoins are recognized as Group 1b 'backed' cryptoassets under the NBC's December 2024 Prakas; banks/payment institutions may hold them subject to prior NBC approval and a 3% CET1 exposure cap, and they fall within SERC's investment-business categories.

• Exchanges / VASP

  In force

  SERC Prakas 093 (Dec 2025) establishes a licensing regime for Digital Asset Service Providers (including trading platforms) and Digital Asset Agents, requiring a SERC license, sandbox testing, and ~USD 10 million minimum capital before operating.

• Token Offerings

  Partial

  Token offerings are addressed indirectly: tokenized securities fall in Group 1a and are treated under the securities-law/SERC perimeter, while a dedicated ICO/STO disclosure-and-prospectus regime is not yet clearly articulated.

  Still pending: dedicated ICO/STO disclosure-and-prospectus regime not yet articulated

• Custody

  In force

  Custody/safeguarding is a licensable activity under Prakas 093: SERC-licensed providers may run a 'digital asset wallet business' for safeguarding and deposit/withdrawal/transfer of client assets, while bank-side custody is permitted only for backed assets under NBC approval.

• DeFi

  None

  Neither the NBC Prakas nor SERC Prakas 093 contains a dedicated regime for decentralized finance, DAOs, or non-custodial protocols/front-ends; the licensing framework is built around identifiable, capitalized corporate service providers, leaving DeFi outside any explicit rule set.

  Still pending: DeFi regulation framework not established; non-custodial protocols lack explicit rules

• Tax

  None

  Cambodia has no crypto-specific tax legislation; there is no defined treatment for capital gains, income, VAT/GST, staking, airdrops or mining on crypto. General tax rules may apply where activity is taxable, and all tax must be paid in Khmer Riel or approved fiat, not crypto.

  Still pending: crypto-specific tax regime not enacted; treatment of capital gains, staking, mining undefined

Key points: crypto & digital assets in Cambodia

1. 01From prohibition to licensing

   A May 2018 joint statement by the NBC, SERC and General-Commissariat of National Police declared that buying, selling, trading or mobilizing funds in cryptocurrencies without a license is illegal and penalizable. That restrictive posture has now been overlaid by formal licensing regimes rather than fully repealed.

   phnompenhpost.com coindesk.com

2. 02NBC banking framework (Dec 2024)

   The NBC Prakas permits commercial banks and payment service/settlement institutions to provide limited cryptoasset services and to hold exposure, subject to prior NBC approval. It splits assets into Group 1a (tokenized securities), Group 1b (stablecoins) and Group 2 (unbacked crypto), and bans direct bank exposure to Group 2.

   nbc.gov.kh centralbanking.com

3. 03Prudential exposure limits

   Banks must apply existing prudential treatment to Group 1 exposures, with Group 1a (tokenized securities) capped at 5% of Common Equity Tier 1 (CET1) capital and Group 1b (stablecoins) capped at 3% of CET1.

   dfdl.com research.hktdc.com

4. 04SERC investment-business licensing (Dec 2025)

   SERC Prakas 093 requires any Digital Asset Service Provider to be licensed before operating, mandates passing the securities regulatory sandbox, sets minimum capital of about KHR 40 billion (~USD 10 million), and issues licenses valid 2 years initially (3 years on renewal).

   dfdl.com kaohooninternational.com

5. 05Investment vs. payments split

   Prakas 093 covers digital-asset business 'for investment purposes' and explicitly excludes payment transactions involving digital/virtual assets, which remain under the NBC's domain, creating a dual NBC/SERC supervisory structure.

   dfdl.com hbslaw.asia

6. 06No dedicated crypto tax law

   Cambodia has not enacted crypto-specific tax legislation; general tax rules apply where activity is taxable, and tax obligations must be settled in Khmer Riel or approved fiat rather than crypto. Specific treatment of gains, staking, mining and VAT on crypto remains undefined.

   taxsummaries.pwc.com dfdl.com

Timeline of decisions

1. 30 Dec 2025Law
   SERC Prakas 093: Digital Asset Business Licensing Framework Enacted

   The Non-Bank Financial Services Authority issued Prakas 093 on the Licensing and Management of Digital Asset Businesses, Cambodia's first securities-law framework for digital assets. It classifies digital assets (including Bitcoin) as financial instruments/securities, requires all Digital Asset Service Providers to obtain a SERC licence with ~USD 10 million minimum capital and prior regulatory sandbox testing.

   DFDL (summarising SERC / Non-Bank FSA Prakas 093)

2. 26 Dec 2024Law · official
   NBC Prakas B7-024-735: Licensed Banks Permitted to Handle Stablecoins and Tokenised Assets

   The National Bank of Cambodia issued Prakas B7-024-735, ending the blanket prohibition on crypto for regulated institutions. Commercial banks and payment settlement institutions may now hold and service Group 1 crypto assets (tokenised traditional assets and asset-backed stablecoins) subject to prior NBC approval; unbacked crypto such as Bitcoin (Group 2) remains off-limits for banks.

   National Bank of Cambodia (NBC)

3. 1 Dec 2024Decision
   FSA Council Approves Draft SERC Digital Asset Business Regulation

   The Financial Services Authority Council approved a draft proclamation proposed by SERC, covering nine chapters and 63 clauses on licensing and managing digital asset service providers. The decision advances the government's FinTech Policy 2023-2028 and was the direct precursor to the formal Prakas 093 gazetted in December 2025.

   Khmer Times

4. 1 Jul 2023Guidance · official
   Royal Government Launches Financial Technology Development Policy 2023-2028

   Cambodia adopted a five-year national fintech policy explicitly recognising digital assets (including Bitcoin) as a category of securities and financial instruments, and setting a framework for regulated permissive structures, formally signalling a pivot away from blanket prohibition toward supervised engagement.

   Ministry of Economy and Finance of Cambodia (MEF)

5. 24 Feb 2023Decision · official
   FATF Removes Cambodia from Enhanced Monitoring (Grey List)

   The Financial Action Task Force delisted Cambodia after the country remedied AML/CFT deficiencies, including gaps in virtual asset service provider oversight. Removal reduced compliance pressure on Cambodian financial institutions and provided political space for the subsequent pro-crypto regulatory reforms.

   FATF

6. 28 Oct 2020Decision
   NBC Launches Bakong: National Blockchain-Based Payment Backbone

   The National Bank of Cambodia officially launched Bakong, a Hyperledger Iroha distributed-ledger payment system developed with SORAMITSU, enabling KHR/USD transfers by phone. Though not a cryptocurrency, Bakong established Cambodia as an early adopter of central-bank blockchain infrastructure and informed the later permissive turn in crypto regulation.

   World Economic Forum

7. 1 Jun 2019Decision · official
   FATF Places Cambodia on Grey List for AML/CFT Deficiencies

   The Financial Action Task Force added Cambodia to its increased-monitoring list, citing strategic deficiencies including inadequate VASP oversight. The listing reinforced Cambodia's conservative regulatory stance on crypto and lasted until February 2023.

   FATF

8. 1 Jul 2018Guidance · official
   NBC, SECC, and National Police Issue Joint Statement Prohibiting Unauthorised Crypto

   The National Bank of Cambodia, the Securities and Exchange Commission of Cambodia, and the General-Commissariat of National Police jointly declared that buying, selling, trading, or fund-raising through cryptocurrencies without authorisation is illegal and subject to penalties, establishing the de facto blanket ban that governed Cambodia for over six years.

   National Bank of Cambodia (NBC)

9. 1 Nov 2017Guidance
   NBC Circular to Licensed Banks and Financial Institutions: Crypto Transactions Prohibited

   The National Bank of Cambodia issued a notification to all banking and financial institutions prohibiting the use, circulation, purchase, sale, settlement, and advertisement of unauthorised cryptocurrencies, the first direct regulatory prohibition aimed at Cambodia's licensed financial sector.

   Sithisak Law Office (citing NBC notice)

10. 1 Apr 2014Guidance
    NBC Press Release: Bitcoin Not a Legitimate Currency or Payment Instrument in Cambodia

    The National Bank of Cambodia issued its first public position on Bitcoin, denying it recognition as a legitimate currency or payment instrument in the Cambodian market, setting the foundation for the series of prohibitions that followed over the next decade.

    DFDL (citing NBC 2014 press release)

Sources

1. 1.nbc.gov.kh/download_files/legislation/prakas_eng/20241226_PrakasonCryptoassetact
2. 2.dfdl.com/insights/legal-and-tax-updates/cryptoassets-regulation-introduced-by-
3. 3.dfdl.com/insights/legal-and-tax-updates/cambodia-prakas-093-on-the-licensing-a
4. 4.centralbanking.com/fintech/crypto-assets/7963543/cambodia-allows-banks-to-handle-stablec
5. 5.kaohooninternational.com/aseanupdates/577969
6. 6.phnompenhpost.com/business/cryptos-illegal-kingdom-regulators
7. 7.coindesk.com/markets/2018/06/19/crypto-trading-without-license-is-illegal-cambodia
8. 8.taxsummaries.pwc.com/cambodia/corporate/significant-developments
9. 9.research.hktdc.com/en/article/MTkyNDQ0NjkzOA
10. 10.hbslaw.asia/updates/digital-asset-licensing-management/