The framework marks a move toward more coordinated oversight of Cambodia's growing virtual asset and cryptocurrency market, while authorities continue preparing a draft law specifically governing virtual and digital assets.
Banks and non-bank firms face different approval requirements
Under the new framework, commercial banks licensed by the NBC must obtain approval from the central bank before providing virtual asset services.
Other entities seeking to conduct virtual asset-related activities must obtain a licence from SERC.
The authorities said a subsequent regulatory release will define the specific activities that will be permitted under the framework.
Entities authorised by either NBC or SERC will also become reporting entities subject to the Cambodia Financial Intelligence Unit (CAFIU) and applicable laws on money laundering and terrorist financing.
The arrangement establishes a division of regulatory responsibilities between the two financial authorities while creating a common oversight framework for the sector.
Focus on issuance, trading and custody
NBC and SERC said they intend to develop a supervisory framework covering financial instruments, market participants and infrastructure connected to virtual assets.
A key objective is to establish clearer rules governing areas including:
- Virtual asset issuance
- Exchange activities
- Trading
- Custody
- Regulatory reporting
- Compliance and accountability
The regulators also committed to regular consultation on matters of common regulatory interest.
They said regulatory requirements would be aligned between the two agencies to reduce opportunities for virtual asset businesses and investors to exploit regulatory gaps.
New virtual asset law targeted for 2026
The regulatory framework comes as Cambodia prepares a Law on the Management of Virtual Assets and Digital Assets.
According to the supplied report, the final draft of the legislation is targeted for completion in November, with legislative approval expected by the end of 2026.
The law is intended to establish a broader legal framework for developing, governing and protecting digital assets.
The September regulatory announcement also fulfils a plan to complete the fundamentals of the draft law by the fourth week of September.
Authorities highlight both opportunities and risks
The regulators said virtual assets could potentially provide broader access to financial services and contribute to increased public revenue.
At the same time, the framework acknowledges significant risks associated with the sector.
These include:
| Opportunity | Regulatory concern |
|---|---|
| Broader access to financial services | Fraud |
| Potential public revenue | Price volatility |
| Development of digital financial services | Terrorist financing |
| Greater regulatory clarity | Tax evasion |
| Development of virtual asset markets | Cybercrime |
| — | Money laundering |
The joint statement stressed that virtual assets are not recognised as legal tender and are not guaranteed by the Cambodian government or central bank.
The authorities described virtual assets as highly volatile and carrying significant risks, while advising the public to carefully evaluate those risks before engaging in virtual asset transactions or investments.
Cambodia's regulatory position has evolved since 2018
Cambodia's authorities have previously warned against unlicensed cryptocurrency activities.
In 2018, SERC, NBC and the General Commissariat of National Police issued a joint statement warning that entities advertising to raise funds, buy, sell, trade or settle cryptocurrencies without the required licence could face legal action.
The latest framework reflects the authorities' stated view that risks associated with virtual assets have increased since that warning.
Rather than relying solely on restrictions, the new framework is designed to establish a formal supervisory structure covering authorised market participants and activities.
Some crypto infrastructure firms are outside the stated scope
The framework does not cover firms that provide crypto-related internet infrastructure but do not directly provide virtual asset investment services.
The supplied report gives examples such as cloud service providers and transaction-broadcasting services.
This distinction separates supporting digital infrastructure from businesses directly involved in virtual asset investment-related services.
Digital economy policies provide broader context
The development of the virtual asset regulatory framework is also connected to Cambodia's existing digital policy agenda.
The report identifies two relevant policy frameworks:
- Cambodia Digital Economy and Society Policy Framework 2021-2035
- FinTech Development Policy 2023-2028
These policies provide the broader context for Cambodia's efforts to develop digital financial services while managing emerging technological and financial risks.
Angkor Times Analysis
The new framework represents an important shift from Cambodia's earlier warning-based approach toward a more structured regulatory model for virtual asset businesses.
The key change is the establishment of clearer institutional responsibilities. Banks seeking to provide virtual asset services will fall under NBC approval, while other entities will require SERC licensing. Authorised entities will also face reporting obligations connected to Cambodia's financial intelligence and anti-money-laundering framework.
However, the framework does not yet provide the complete regulatory picture.
The authorities said a subsequent release will specify the permitted activities, while the broader Law on the Management of Virtual Assets and Digital Assets remains under development. This means businesses and investors will need to follow further regulatory announcements before the full scope of Cambodia's virtual asset market becomes clear.
For financial institutions, fintech companies and potential investors, the direction is significant because it indicates that virtual asset activity is moving toward a more formally supervised environment rather than operating primarily through general warnings and restrictions.
At the same time, the authorities' warnings about volatility, fraud, money laundering, terrorist financing, tax evasion and cybercrime show that regulatory recognition does not mean government or central-bank backing of virtual assets.
Key Facts
| Indicator | Details |
|---|---|
| Regulators | National Bank of Cambodia and SERC |
| Sector | Virtual assets and digital assets |
| Commercial banks | Require NBC approval for virtual asset services |
| Other entities | Require SERC licence |
| Reporting | Authorised entities subject to CAFIU reporting requirements |
| Main regulatory areas | Issuance, exchange, trading and custody |
| Draft law | Law on the Management of Virtual Assets and Digital Assets |
| Draft completion target | November 2026 |
| Legislative approval target | End of 2026 |
| Virtual assets as legal tender | Not recognised |
| Government/central bank guarantee | None |
| Related policies | Digital Economy and Society Policy Framework 2021-2035; FinTech Development Policy 2023-2028 |
Frequently Asked Questions
Can Cambodian commercial banks offer virtual asset services?
They may do so only after obtaining approval from the National Bank of Cambodia under the new framework.
Do non-bank crypto companies need a licence?
Yes. Entities other than NBC-licensed commercial banks must obtain a licence from SERC to conduct covered virtual asset-related activities.
Are cryptocurrencies legal tender in Cambodia?
No. The joint regulatory statement says virtual assets are not recognised as legal tender and are not guaranteed by the government or central bank.
Will virtual asset firms have reporting obligations?
Authorised entities will be reporting entities subject to the Cambodia Financial Intelligence Unit and applicable laws concerning money laundering and terrorist financing.
Does the framework cover all crypto-related companies?
Not necessarily. The supplied report states that firms providing crypto-related internet infrastructure, such as cloud services and transaction broadcasting, without directly providing virtual asset investment services are outside the scope of the statement.
When is Cambodia's virtual asset law expected?
The final draft is targeted for completion in November 2026, with legislative approval targeted by the end of 2026, according to the supplied report.
Does regulatory approval mean virtual assets are guaranteed by the government?
No. The authorities explicitly state that virtual assets are not guaranteed by the Cambodian government or central bank.