Cambodia approves commercial banks and payment institutions to provide crypto asset services

According to the latest news from ChainCatcher, the National Bank of Cambodia (NBC) has approved commercial banks and payment institutions to provide stablecoin or secured cryptocurrency-related services. This decision marks the first time NBC has approved such services, and the relevant directive officially takes effect on December 26.

This decision will bring major changes to Cambodia’s financial industry, and commercial banks and payment institutions will be able to provide more diversified financial products to meet customers’ needs for crypto assets. Stablecoins and secured cryptocurrencies have become hot topics in global financial markets, and Cambodia’s open-door policy will help promote the development of the local fintech industry.

According to NBC’s official statement, commercial banks and payment institutions must comply with relevant regulations when providing these services to ensure the safety and legality of customer funds. NBC will strengthen the supervision of these institutions to prevent illegal activities such as financial fraud and money laundering.

As one of the emerging markets in Southeast Asia, Cambodia has huge development potential in the financial technology industry. By approving commercial banks and payment institutions to provide crypto-asset services, Cambodia is expected to attract more domestic and foreign investors and promote the development of the local financial market.

As the global financial market becomes increasingly globalized, Cambodia's open policy will help enhance the international competitiveness of local financial institutions, promote financial technology innovation, and promote the development of the entire industry in a more open and transparent direction.