Cambodia’s central bank approves compliant stablecoin services but still bans Bitcoin

PANews reported on December 27 that according to "Phnom Penh Post", the National Bank of Cambodia (NBC) issued new regulations, allowing commercial banks and payment institutions to provide services related to stablecoins and asset-backed cryptocurrencies for the first time, but Bitcoin and other Unbacked assets are still prohibited. The new regulations require relevant institutions to obtain prior approval before engaging in crypto asset exchange, transfer and custody services, and prohibit the use of customer assets.

Previously, Cambodia blocked 16 unlicensed encryption trading websites to strengthen supervision of the digital asset market.