PHNOM PENH (Xinhua): Cambodia's central bank has given the green light to commercial banks and payment service institutions to carry out activities related to cryptoassets.
Signed by National Bank of Cambodia (NBC) Governor Chea Serey on Thursday and publicised on Friday, the Prakas, or edict, said the cryptoasset service providers must obtain prior approval from the NBC.
It added that the NBC will provide written notification of its decision whether to approve or refuse the application within 60 working days from the date of the receipt of submission with sufficient documents.
"The purpose of this Prakas is to manage the transactions and business activities related to cryptoassets," Serey said.
According to the edict, cryptoassets refer to a digital representation of value that depends on cryptography and distributed ledger or similar technology.
Cryptoassets can be digitally traded or transferred, and can be used for payment or investment purposes or to access goods or services, it added.
Cryptoassets include tokenized traditional assets, unbacked cryptoassets, stablecoins, utility token, and securities token, the edict said.
"This does not include digital representations of fiat currencies (central bank digital currency)," the edict added. - Xinhua
