Logo of Phnom Penh Post newspaper Phnom Penh Post - Cryptos illegal in the Kingdom: regulators

Cryptos illegal in the Kingdom: regulators

Content image - Phnom Penh Post
An illustration of tokens representing bitcoin and other cryptocurrencies. Photo supplied

Cryptos illegal in the Kingdom: regulators

Three of the Kingdom’s institutions issued a joint statement on Tuesday, warning the public that using, trading or advertising cryptocurrencies is illegal. They said various local blockchain projects which were operating without government approval pose serious risks to the public.

The message was posted on the Facebook page of the National Bank of Cambodia (NBC) and endorsed by the Securities and Exchange Commission of Cambodia (SECC) and the General Commissariat of National Police.

It called out ventures such as KH Coin, Suncoin, K Coin, One-coin and Forex coin, all of which operate similarly to bitcoin, which is currently the world’s top cryptocurrency by market capitalisation.

The statement said any entity conducting transactions in cryptocurrencies or advertising them would face legal action.

KH Coin co-founder In Mean expressed support for the statement but said he was disappointed when he saw his cryptocurrency’s name mentioned.

He said his project was designed to educate investors and the public to identify deceptive blockchain projects and avoid them.

“Our KH Coin has never deceived anyone. It is not a kind of deceptive investment which causes people to lose money. It has been three years since we started working on this project. We educate and instruct people not to deceive anyone,” he said.

Mean previously told The Post that he tried to monetise his cryptocurrency but he got slapped down by regulators.

He expressed hope that the central bank would realise the potential of blockchain, which is the technology behind cryptocurrencies.

It should undertake its own project and take a more liberal stance on cryptocurrencies in the future, Mean said.

Entrepreneurs using blockchain technology have been operating in a grey area until recently as the government made statements discouraging its use while also endorsing certain projects and even took part in the platform.

In March, Deputy Prime Minister Men Sam An spoke at the launch of a cryptocurrency project called Entapay.

The firm was embroiled in controversy when its claims of being endorsed by the Royal Cambodian Armed Forces were denied.

MOST VIEWED

  • Rainsy stopped in Paris from boarding Thai flight

    Airline officials at Paris’ Charles de Gaulle airport on Thursday prevented Sam Rainsy from boarding his flight to Bangkok ahead of his announced return to Cambodia on Saturday. Prime Minister Hun Sen had earlier in the day assured Phnom Penh residents that there would be

  • Analyst: Rainsy blocked from boarding flight 'an excuse'

    THAI Airways not allowing Sam Rainsy on its route from Paris to Bangkok on Thursday is being used as an excuse to keep his standing among fellow coup plotters and his uninformed supporters as flights to non-Asean countries are available, an analyst said on Friday.

  • Rainsy lands in Malaysia

    Cambodian opposition figure Sam Rainsy arrived in Kuala Lumpur airport on Saturday afternoon after boarding a flight from Paris, where he has been living for more than four years. Ministry of Foreign Affairs and International Cooperation spokesperson Koy Kuong said on Saturday that Cambodia respected

  • Touch: Rainsy will never return

    Sam Rainsy, the “acting president” of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP), has claimed it has achieved 70 per cent of its struggle to find a solution to the current political situation in the Kingdom. Just before boarding a plane at Charles de Gaulle

  • Sokha continues call for dropping of charge after bail conditions reduced

    Not satisfied with having his bail conditions reduced, allowing him to travel freely in Cambodia, Kem Sokha says he wants his charge totally dropped. “As an innocent man who has been in detention for two years even without being found guilty, I continue to demand

  • Prayut indicates no entry into Thailand for CNRP’s Rainsy

    Cambodian government officials on Wednesday welcomed the position of Thai Prime Minister Prayut Chan-o-cha after he indicated that Sam Rainsy would not be allowed to return to Cambodia through Thailand. “According to our commitment to Asean, we will not interfere in each other’s internal