of National Bank of Cambodia (NBC) has introduced new regulations governing crypto-asset transactions and activities in the country.
of Plaka It aims to manage the increasing use of crypto assets while protecting the financial system from associated risks.
This regulation classifies crypto assets into two groups.
Group 1 includes tokenized traditional assets such as bonds and stocks, as well as stablecoins backed by traditional assets with strict stabilization mechanisms and regulatory oversight.
Stablecoins must be redeemable at a predefined value, minimize market volatility, and comply with central bank supervision.
Group 2 includes cryptoassets that are unbacked or lack sufficient stabilization or backing.
Commercial banks can engage in Group 1 cryptoassets with NBC permission, but must adhere to strict governance and risk management requirements.
Exposure to Group 1a assets, such as tokenized traditional assets, is limited to 5% of Common Equity Tier 1 (CET1) capital, while exposure to Group 1b assets, including stablecoins, is limited to 3% It has been.
Issuing crypto assets or engaging in Group 2 crypto assets is strictly prohibited.
Crypto asset service providers (CASPs) must obtain a license from the NBC to provide services such as the exchange, transfer, custody, and safekeeping of crypto assets.
CASPs are prohibited from using customer assets for their own purposes, promoting certain cryptoassets, or providing services that encourage cryptoassets as payment for goods or services.
They can promote their services, but not individual crypto assets.
Entities that fail to comply with these regulations can be fined up to RM500,000,000 for each violation, RM1,000,000 per day for failure to report, and RM3,000,000 for broader non-compliance. There is a gender.
Banks that exceed risk limits or engage in fraudulent activities may also be subject to fines.
NBC stresses that these measures are aimed at ensuring financial stability, protecting consumers and mitigating risks such as money laundering and cyber threats.
Plaka has an immediate effect.
Featured image credit: Edited from freepic
