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The Cambodian cryptocurrency industry is moving forward, even though this is a legal gray area

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发表时间:2020-09-29 14:25

Cambodia’s cryptocurrency industry is clearly continuing to move forward, although the country has no clear guidelines for regulating digital cryptocurrencies.

Regulatory uncertainty failed to hinder the development of Cambodia's cryptocurrency industry

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"Phnom Penh Post" reported that Cambodia's cryptocurrency industry is still moving forward, although the industry is still uncertain in the country.


In Mean, the founder of Khmer Crypto Foundation (Khmer Crypto Foundation), told the media that, considering the regulatory uncertainty, practitioners of Cambodian cryptocurrency are extra cautious. "It is still unclear which department is responsible for regulating digital cryptocurrency," Mr. Mean said. "It may be the National Bank of Cambodia (NBC) or the Securities Regulatory Commission of Cambodia (SECC), but it is not yet clear which department will be."


Although Cambodia has not explicitly banned the holding of digital encrypted currency, the Cambodian government announced in December 2017 that it would prohibit "all banks and microfinance institutions from trading, buying and selling digital encrypted currency".


Cambodian citizens issue altcoins, although this is a gray area of the law

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Mr. Mean issued his own digital cryptocurrency in November 2017. The local media said that “regulatory gray areas... failed to prevent him from issuing coins.” Mr. Mean told the public that the coins he issued have no value and Khcoin is a Educational tools rather than speculative assets. Mean also created a wallet for Khcoin, claiming that there are currently approximately 5,000 Cambodian citizens holding this currency. Mean said that he has also developed a trading platform for Cambodians to trade digital cryptocurrencies, but he plans to wait until the regulatory policy is clear before launching this platform.


So far, this exchange is just an attempt by Mean. Mean said, "I used my own money to test, and hackers stole thousands of dollars. But I want to do this because it is also useful for showing Cambodia to the world. It’s important to have your own exchange."


Entapay launches ICO project in Cambodia


In early March, another altcoin appeared in Cambodia called Entapay. This project initially caused some confusion-there was a news report that the project received financial support from the Cambodian government. However, Entapay’s public relations manager then clarified this relationship: “We never said that we got government funding. We just said we got government support.” He added, “We have not obtained a financial license, but We will do it soon."


The company is preparing to launch an ICO for Entapay. The project is currently in the pre-sale stage and investors can only subscribe with ETH. The company will distribute "Enta Diamond Certificate" to investors, and investors can use the certificate to subscribe for Entapay tokens.



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