Cambodia's Crypto Industry Marches Forward Despite Legal Grey Area

Cambodia's cryptocurrency sector appears to be marching forward, despite the absence of clear regulatory guidelines pertaining to virtual currencies. 

Regulatory Ambiguity Fails to Deter Cambodia's Cryptocurrency Sector

The founder of the Khmer Crypto Foundation, In Mean, told local media that individuals operating in Cambodia’s cryptocurrency sector do so with great care due to the legal uncertainty. 'It's not clear yet whose job it is to regulate cryptocurrencies,' Mr. Mean said. 'It could fall to the [National Bank of Cambodia (NBC)] or the [Securities and Exchange Commission of Cambodia (SECC)], but it's not clear yet which one it will be.'

Although Cambodia has not explicitly outlawed the possession cryptocurrencies, Cambodia's government announced the prohibition of 'all banks and microfinance institutions from trading, buying, selling and advertising cryptocurrencies,' in December 2017.

Cambodians Citizens Launch Altcoins in Spite of Legal Grey Area

The exchange has so far proved a trying venture for Mr. Mean, who states 'I used my own money and lost thousands of dollars to hackers [during testing], but I want to do this because I think it is important for Cambodia to show the world that it can have its own cryptocurrency.'

Entapay to Conduct ICO in Cambodia

The company is currently holding an initial coin offering for its Entapay token. The ICO is currently conducting pre-sales, accepting only ETH from investors. Investors will be distributed 'Enta Diamond certificates' which investors can then use to purchase Entapay tokens.

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The post Cambodia’s Crypto Industry Marches Forward Despite Legal Grey Area appeared first on Bitcoin News.


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