On 30 December 2025, the Non-Bank Financial Services Authority (“NBFSA”) took a significant step toward shaping Cambodia’s digital asset landscape by establishing clear regulatory parameters for digital asset operators while enhancing investor protection through the issuance of Prakas No. 093 on the Licensing and Management of Digital Asset Business (“Prakas No. 093”). Prakas No. 093 marks a major milestone in the development of Cambodia’s securities market and reflects the growing prominence of digital assets as an investment vehicle in recent years.
A. WHAT IS THE SCOPE AND PURPOSE?
Prakas No. 093 sets forth the conditions and procedures for obtaining a license, license renewal, and other obligations of Digital Asset Service Providers, Digital Asset Agents, and other related market participants in Cambodia.
The NBFSA-issued Prakas is applicable to all activities related to digital assets for investment purposes, and specifically not for activities which are related to the use of digital assets as a method of payment in Cambodia.
B. WHAT IS A DIGITAL ASSET?
- Has the same meaning as contemplated under the Cambodia Financial Technology Development Policy 2023-2028
- “valuable digital units created on distributed ledger technology or similar technology or associated with a smart contract or contract in the various forms between digital asset holders and counterparts and can be traded or transferred, including Bitcoin. These digital assets are financial instruments, which are a type of securities.”
C. WHO IS THE GOVERNING AUTHORITY IN RESPECT OF DIGITAL ASSET SERVICE PROVIDERS AND DIGITAL ASSET AGENTS?
The Securities Regulator of Cambodia (“SERC”) is the governing and licensing authority in respect of Digital Asset Service Providers and Digital Asset Agents.
D. WHAT ARE THE PERMITTED ACTIVITIES OF DIGITAL ASSET SERVICE PROVIDERS?
Digital Asset Service Providers are companies that are licensed by the SERC to conduct one or more of the following permitted activities:
- Digital asset trading business for the provision of services related to digital asset intermediation, digital asset commissioning, digital asset trading platforms, and digital asset derivative instruments, digital asset person-to-person trading, digital asset investment advisory, digital asset creation and direct sale of digital assets on a digital asset trading platform, and marketing and dissemination of digital assets;
- Digital asset wallet business for the provision of services related to digital asset safeguarding for customers, and digital asset deposit, withdrawal, and transfer from one digital asset wallet, address, or storage location to another;
- Digital asset borrowing and lending business for the provision of services related to digital asset loans from a lender to a borrower, wherein the borrower is required to return the same digital asset to the lender based on the request of the lender at any time during or at the expiry of an agreed-upon period in accordance with the relevant agreement on digital asset borrowing and lending;
- Digital asset management business for the management and disposal of digital asset investment on behalf of the customers; and/or
- Other related digital asset businesses or activities determined by the SERC.
E. WHAT ARE THE PERMITTED ACTIVITIES OF DIGITAL ASSET AGENTS?
Digital Asset Agents are natural persons who are licensed by the SERC to conduct the following permitted activities:
- Opening and managing of accounts for digital asset transactions;
- Signing permitted forms on behalf of Digital Asset Service Providers;
- Advising on the creation and distribution of digital assets;
- Advising customers on investment in digital assets; and
- Fulfilling other functions on behalf of, and as permitted by, Digital Asset Service Providers.
F. WHAT IS THE VALIDITY PERIOD OF LICENSES AND THEIR RENEWALS?
License | License Validity Period | License Renewal Validity Period |
Digital Asset Service Provider | 2 years |
3 years (to be renewed at least 60 days prior to the expiry of the license to avoid penalty) |
Digital Asset Agent | 2 years |
3 years (to be renewed at least 30 days prior to the expiry of the license to avoid penalty) |
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G. WHAT ARE THE OBLIGATIONS OF DIGITAL ASSET SERVICE PROVIDERS AND DIGITAL ASSET AGENTS?
Pertinent obligations of Digital Asset Service Providers and Digital Asset Agents are summarized as follows:
License | Obligation(s) |
Digital Asset Service Provider | · Commencing operation 3 months from the date of license issuance or any other appropriate timeline as permitted by the SERC; · Complying with the digital asset operation rules as approved by the SERC; · Providing asset and transaction data and other relevant documents to the SERC; · Having separate addresses, equipment, information technology, human resources, and Chinese walls from its existing business (if any) in order to avoid conflict of interest; · Continuing to comply with and maintain the licensing conditions and requirements; · Being civilly liable for the acts of their authorized top management team or Digital Asset Agents, including when the Digital Asset Service Providers know or should have known the wrongful acts of their authorized top management team or Digital Asset Agents and fail to prevent or reject such acts; · Obtaining prior approval from the SERC in case of changes of qualified persons recognized by the SERC; · Obtaining prior approval from the SERC in case of changes within the company or related to the digital assets; · Making monthly, periodic, and annual reports to the SERC; · Notifying to the SERC in writing within 7 days of (i) the absence of their qualified persons in case the absence lasts 7 consecutive days without reasons or upon receipt of resignation letter of such persons, and (ii) holidays (outside of public holidays) which shall not exceed 5 working days and ensuring that such holiday does not affect any customer’s interests; · Immediately notifying the SERC in case of suspension of digital asset trading, irregularity of any digital asset transaction, information that may impact any or all digital asset transactions, and irregularity of information technology being breached which may affect the security of any customer’s digital asset(s); · Complying with know-your-client policies and procedures; · Having proper mechanisms to comply with the Law on Anti-Money Laundering and Combating the Financing of Terrorism; · Exchanging digital assets for money and vice versa through authorized payment settlement agents recognized by the SERC only; · Having in place policies and mechanisms to monitor the digital assets and submitting such policies to the SERC within 7 days upon such policies being approved by the board of directors; · Keeping customer information confidential unless otherwise required by law, courts, competent authorities, the SERC, or written agreement with customers; · Having in place appropriate content and strategy for customers to receive necessary and beneficial information for their investment decision; · Keeping proper records of all digital asset transactions and customer information, and other relevant policies; and · Notifying the SERC in writing within 7 days after the submission of the application forms for the license or license renewal in case of changes in such application forms. |
Digital Asset Agent | · Continue complying with their existing licensing conditions and requirements as stated in this Prakas. |
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H. WHAT ARE THE CONSEQUENCES FOR NON-COMPLIANCE?
Any person conducting a digital asset business without a license from the SERC is deemed to have conducted a securities business without a license and shall be legally liable under applicable laws and regulations. Consequently, non-compliance with Prakas No. 093 may result in:
- Administrative sanctions (reprimand, written warning, public notification with order to rectify, restriction on license or qualification, suspension or withdrawal of license or qualification, etc.);
- Monetary fines; and/or
- Any other penalties under applicable laws.
Please contact us at HBS LAW if you have any questions or wish to dive deeper into any specific requirements with regard to digital asset businesses in Cambodia. Our team at HBS LAW is ready to provide relevant legal advice and assistance pertaining to the above, as well as any other matters in the securities sector in Cambodia. We are committed to delivering services tailored to meet your specific legal needs.
Disclaimer: The information provided herein is for information purposes only and may not be relied upon as constituting legal advice.
