Sipping an iced coffee on a Phnom Penh sidewalk while watching the endless river of motos rush by, you can't help hearing the buzz among local circles: Cambodia is moving ahead with a legal framework for virtual and digital assets. Recently, the UK-based consultancy D2 Legal Technology handed over its work plan to the Securities and Exchange Commission of Cambodia (SERC).
According to local reports, the initiative is backed by technical support from the Asian Development Bank (ADB). An international expert and their team have been on the ground working on the project since May, running through December. Under the schedule, the core outline of the draft law is set to drop by the fourth week of September, with a sharp focus on three main areas: regulatory oversight, anti-money laundering and counter-terrorist financing (AML/CFT), and enforcement.
With the local money-changing and digital micro-business scene growing over the last few years, people are getting a lot more sensitive about compliance. The full package is slated to be completely finalized by the end of the year, ensuring it aligns with the standards of the international Financial Action Task Force (FATF). Looks like playing in Cambodia's digital asset space is about to get a lot more structured.
