Cambodia has intensified its regulatory measures against unlicensed online activities by blocking 102 websites, including 16 crypto exchange platforms such as Binance and Coinbase, Coinspeaker reports.
The Telecommunication Regulator of Cambodia (TRC) implemented this action due to the platforms’ lack of necessary licensing from the Securities and Exchange Regulator of Cambodia (SERC).
While these websites are now inaccessible within the country, their mobile apps remain operational, highlighting the complexities regulators face in controlling access to digital platforms.
The primary focus of this crackdown was on websites associated with online gambling.
However, the inclusion of well-known crypto exchanges has raised concerns within the industry.
Cambodia maintains a cautious stance toward crypto, authorising only two entities to operate under its Fintech Regulatory Sandbox programme.
These licensed platforms are subject to strict limitations, including a prohibition on converting digital assets into fiat currencies like the Cambodian riel or U.S. dollars.
This regulatory action occurs amid increasing international scrutiny of Cambodia’s involvement in cybercrime and crypto scams.
The United Nations Office on Drugs & Crime has identified the country as a hub for illicit activities, including money laundering and dark web transactions facilitated by cryptos.
Despite these challenges, Cambodia retains a significant presence in the global crypto landscape, ranking among the top 20 countries for retail crypto usage per capita.
Reports indicate that centralised exchanges account for approximately 70% of crypto transactions in the country.
Featured image credit: Edited from Freepik
