The Nationwide Financial institution of Cambodia (NBC) has launched new laws governing cryptoasset transactions and actions throughout the nation.
The prakas goals to handle the rising use of cryptoassets whereas safeguarding the monetary system from related dangers.
The laws classify cryptoassets into two teams.
Group 1 consists of tokenised conventional belongings, akin to bonds and equities, and stablecoins backed by conventional belongings with strict stabilisation mechanisms and regulatory oversight.
Stablecoins should be redeemable for predefined values, minimise market fluctuations, and adjust to central financial institution supervision.
Group 2 consists of unbacked cryptoassets or these missing adequate stabilisation or backing.
Business banks might have interaction with Group 1 cryptoassets if authorised by the NBC however should adhere to strict governance and threat administration necessities.
Publicity to Group 1a belongings, akin to tokenised conventional belongings, is capped at 5% of Widespread Fairness Tier 1 (CET1) Capital, whereas publicity to Group 1b belongings, together with stablecoins, is restricted to three%.
Issuing cryptoassets or partaking with Group 2 cryptoassets is strictly prohibited.
Cryptoasset Service Suppliers (CASPs) should receive licences from the NBC to supply companies akin to alternate, switch, custody, or safekeeping of cryptoassets.
CASPs are prohibited from utilizing buyer belongings for their very own functions, selling particular cryptoassets, or providing companies that encourage cryptoassets as fee for items and companies.
They could promote their companies however not particular person cryptoassets.
Entities failing to adjust to these laws might face fines of as much as KHR 500,000,000 per violation, each day fines of KHR 1,000,000 for reporting failures, or KHR 3,000,000 for broader non-compliance.
Banks exceeding publicity limits or partaking in unauthorised actions might also incur fines.
The NBC underscores that these measures goal to make sure monetary stability, shield customers, and mitigate dangers akin to cash laundering and cyber threats.
The prakas is efficient instantly.
Featured picture credit score: Edited from Freepik
