Cambodia’s NBC approves Stablecoins and Backed Coins, but excludes Bitcoin
Cambodia’s NBC approves Stablecoins and Backed Coins, but excludes Bitcoin
The National Bank of Cambodia (NBC) has permitted commercial banks and payment institutions to offer services involving Category 1 crypto assets, such as backed or stable cryptocurrencies.
According to NBC documents seen by Khmer Times, this is the first time NBC has approved such services, as outlined in a directive issued on December 26.
The directive seeks to regulate operations involving digital currencies, reflecting Cambodia’s efforts to align with global financial trends.
Under the new rules, institutions must obtain prior approval from NBC to engage in activities such as exchanging crypto assets for fiat currencies, transferring crypto assets between accounts, and offering custody services.
These institutions are barred from utilising customers’ crypto assets for their own purposes.
