Report: Cambodia Reaffirms Stance Against Unsanctioned Crypto-Related Activities – Regulation Bitcoin News

Cryptocurrency trading or the conducting of cryptocurrency-related activities in the country is still illegal.

Fintech, Crypto

4/28/2022 7:33:00 AM

While the finance ministry concedes that the fintech industry is growing rapidly, it nonetheless reiterated that the long-standing ban on crypto trading remains in force. cryptotrading fintech

Cryptocurrency trading or the conducting of cryptocurrency-related activities in the country is still illegal.

by Bitcoin.com News, Cambodian authorities announced in 2018 that the circulation or trading of cryptocurrencies without a license was illegal.At the time, authorities warned that crypto activities had the potential to cause risks to the public and society. The volatility of crypto assets as well as their lack of backing by an underlying asset are some of the risks mentioned in the May 11, 2018 statement. Lack of consumer protection, cybercrime, and loss of funds due to hacking are the other risks that were mentioned in the statement.

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CFPB invokes old rule to expand authority over fintech and crypto firmsThe Consumer Financial Protection Bureau is setting the stage for more involvement in crypto.

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reported by Bitcoin.by April 26, 2022, 12:35PM EDT · 2 min read advertisement The Consumer Financial Protection Bureau is setting the stage for more involvement in the crypto industry.The upper house of the National Congress of Brazil – the Federal Senate – reportedly approved the bill that could serve as a regulatory framework for the local cryptocurrency industry.39 seconds ago Argentinian Tax Agency Supports Creation of Global Crypto Report System to Avoid Evasion The AFIP, the Argentinian tax agency, is supporting the creation of a centralized system that serves as a registry for cryptocurrency holders.

com News, Cambodian authorities announced in 2018 that the circulation or trading of cryptocurrencies without a license was illegal. At the time, authorities warned that crypto activities had the potential to cause risks to the public and society. The rule gives the CFPB fairly wide authority to supervise"nonbanks" engaged in consumer-facing financial services based on potential risk. The volatility of crypto assets as well as their lack of backing by an underlying asset are some of the risks mentioned in the May 11, 2018 statement. A local report reads that the Senate passed a bill to set up a comprehensive regulatory framework on dealings with bitcoin and altcoins. Lack of consumer protection, cybercrime, and loss of funds due to hacking are the other risks that were mentioned in the statement. This authority is not specific to any particular consumer financial product or service. Cambodia Drafting Fintech Policy In a new statement jointly issued with the National Bank of Cambodia, the Securities Commission, and the National Police Agency, the Finance ministry reiterated that no cryptocurrency company has been issued a business license. The head of the AFIP, Mercedes Marco del Pont,.

Meanwhile, the China News Service report revealed that Cambodia is currently drafting its fintech development policy which, according to the finance ministry, ensures the country fully benefits from the development of this emerging technology while minimizing the associated risks.'" In its procedural rule, the CFPB emphasized that it already has the authorities it is invoking, meaning that it does not need to wait for the usual timeframes that the Administrative Procedures Act requires: "The final rule is not necessary to establish the Bureau’s supervisory authority under 12 U. In turn, the government is yet to decide whether additional amendments should be added to the bill. Tags in this story .