On December 27th, according to the Phnom Penh Post, the National Bank of Cambodia (NBC) announced that it would allow commercial banks and payment institutions to provide services related to stablecoins and asset-backed cryptocurrencies, but unbacked assets such as bitcoin are still banned. The new regulations require institutions to obtain approval before they can carry out crypto asset exchange, transfer and custody services, and prohibit the use of customer assets. Previously, Cambodia blocke...
The US Treasury has imposed sanctions on Cambodian tycoon Lee Wing Fat and his businesses over alleged massive human rights abuses involving trafficked workers forced to labor in cyber scam centres focused on cryptocurrency scams, including his conglomerate LYP Group and properties including O-Smach Resort. The sanctions freeze assets and ban transactions in the US, and are aimed at holding perpetrators accountable for these abuses.
The United Nations Development Programme (UNDP) has partnered with the Dfinity Foundation to launch a blockchain-based Universal Trusted Certificate (UTC) pilot project in Cambodia. Internet Computer will provide a secure management infrastructure, with the participation of the Monetary Authority of Singapore and others. The project aims to encourage micro, small and medium-sized enterprises to participate in the digital economy, with plans to eventually roll it out in ten countries. Dominic Wil...