ME News reports that on August 12 (UTC+8), Cambodian Prime Minister Hun Manet announced the establishment of an inter-ministerial working group tasked with drafting and preparing legislation on virtual assets/digital asset management and related legal instruments. The decision was signed on July 8 and officially published on August 10. The working group comprises 26 members, co-chaired by the Secretary of State of the Ministry of Economy and Finance and the Deputy Governor of the National Bank of Cambodia. Its primary responsibilities include researching relevant laws, regulations, and best practices both domestically and internationally; organizing internal meetings to review draft progress; and consulting with relevant partners. The ultimate goal is to develop coherent, comprehensive legislation that is acceptable to all stakeholders and effectively implementable. Additionally, on August 6, the National Bank of Cambodia issued a notice requiring enterprises that issue e-wallets for their own products or services, but are not registered as banking financial institutions or payment service providers, to notify the bank prior to conducting any related transactions. (Source: Foresight News)
Cambodia to Form Inter-Ministerial Task Force for Drafting Digital Asset Law
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Summary
Cambodia is establishing an inter-ministerial task force to draft regulations for digital assets, as announced by Prime Minister Hun Manet on August 12. The 26-member group, co-chaired by the Ministry of Economy and Finance and the National Bank of Cambodia, will focus on AML/CFT and global regulatory practices. The National Bank also required e-wallet issuers to report to it by August 6 to align with new digital asset regulatory efforts.
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