Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right approval scope and leads the file all the way to the NBC decision, including banking and payment rails.
Get a crypto license in Cambodia.
Cambodia had a wall; now it has a door. Prakas No. B7-024-735 of 26 December 2024 lets banks, payment institutions and other legal entities provide cryptoasset services with prior approval from the National Bank of Cambodia. The regime is young and case-by-case - we build the approval file end to end.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Crypto licenses obtainedlicenses obtained
Updated
Cambodia in brief
From a blanket ban to NBC permission.
For years the official Cambodian line on crypto was simply no - a 2018 joint statement treated unlicensed cryptocurrency activity as prohibited. That changed on 26 December 2024, when the National Bank of Cambodia issued Prakas No. B7-024-735 on Transactions Related to Cryptoassets. Commercial banks, payment service institutions and other legal entities that intend to provide cryptoasset services - exchange between cryptoassets and currency or between cryptoassets, transfer, and safekeeping or administration for customers - must now obtain prior approval from the NBC and operate under its conditions. The Prakas defines a cryptoasset as a digital representation of value that depends on cryptography and distributed ledger or similar technology; securities-type digital assets sit separately with the securities regulator, the SERC.
The regulator behind the door is credible. The NBC already runs Bakong, a DLT-based payment backbone live since October 2020, so this is a central bank that operates the technology it now permits. The Prakas sorts cryptoassets into Group 1 - backed assets such as tokenised securities (1a) and qualifying stablecoins (1b) - and Group 2, the unbacked assets such as BTC and ETH, with tighter exposure treatment for the latter; banks may take own-account positions in Group 1 only. Approvals are case-by-case and the regime is young. Corporate tax is a flat 20%. We structure the Cambodian company, map your services to the Prakas and carry the approval file through the NBC.
Cambodia moved from a ban to permission on 26 December 2024: Prakas B7-024-735 lets banks, payment institutions and other legal entities provide cryptoasset services with prior NBC approval.
Assets are classified as Group 1 (backed - tokenised securities, stablecoins) or Group 2 (unbacked - BTC, ETH) with tighter treatment. Corporate tax 20%. The regime is young and case-by-case.
The regime
NBC prior approval, service by service.
The Prakas does not hand out a general licence - it permits named cryptoasset services on prior NBC approval, with conditions attached. The first job is mapping your model to the permitted services and asset groups; the second is an approval file the central bank will accept. We do both.
No general licence - named services on prior NBC approval: exchange, transfer, safekeeping. We map your model first.
01 - NBC PRAKAS · SERVICES
Exchange, transfer, safekeeping
The services the Prakas opens: exchanging cryptoassets against currency or other cryptoassets, transferring them, and safekeeping or administering them for customers - each provided only with the NBC's prior approval.
The services the Prakas opens: exchanging cryptoassets against currency or other cryptoassets, transferring them, and safekeeping or administering them for customers - each provided only with the NBC's prior approval.
- ✓Exchange between cryptoassets and currency
- ✓Exchange between cryptoassets
- ✓Transfer of cryptoassets
- ✓Safekeeping and administration for customers
- ✓AML/CFT with CAFIU reporting
- ✓NBC conditions and supervision
02 - NBC PRAKAS · ASSET GROUPS
From ban to permissionGroup 1 and Group 2 assets
The Prakas classifies cryptoassets: Group 1 covers backed assets - tokenised securities (1a) and qualifying stablecoins (1b) - while Group 2 covers unbacked assets such as BTC and ETH, with stricter exposure treatment. Your product set is mapped to the groups before the file is written.
Group 1: backed assets - tokenised securities (1a), stablecoins (1b). Group 2: unbacked, stricter treatment; banks own-account in Group 1 only.
- ✓Group 1a - tokenised traditional instruments
- ✓Group 1b - qualifying stablecoins
- ✓Group 2 - unbacked assets (BTC, ETH)
- ✓Exposure limits, tighter for Group 2
- ✓Bank own-account business - Group 1 only
- ✓Securities-type assets - SERC side
Costs and timelines are confirmed for your case before any work begins. The NBC decides approvals case-by-case and the regime is young - we say plainly what is settled, what is discretionary and what is still forming.
Why Cambodia
A new door, held by the central bank.
The framework rests on Prakas B7-024-735, issued 26 December 2024 and run by the National Bank of Cambodia - the same institution that operates the Bakong payment system.
✓
A real opening, dated
Until Prakas B7-024-735 the position was a ban. Since 26 December 2024 it is permission with conditions - a door where there used to be a wall, with the date printed on the document.Ban until 26 Dec 2024; permission since.
✓
A central bank that runs DLT
The NBC operates Bakong, a distributed-ledger payment backbone live since October 2020 and used across Cambodian retail payments. The regulator granting crypto approvals runs comparable technology daily.The NBC operates Bakong, live since 2020.
✓
Named groups, clear treatment
Group 1 backed assets and Group 2 unbacked assets carry different exposure rules, so the perimeter is legible. You can read what a bank or a service provider may and may not do.Group 1 / Group 2 - a legible perimeter.
✓
Early seats are open
Approvals started from zero in 2025. A firm that files a serious application now takes a position before the market fills - in a regime where the regulator still meets each applicant individually.Approvals started from zero in 2025.
✓
A flat 20% corporate rate
Cambodia taxes company profits at a flat 20%, in an economy that prices in US dollars alongside the riel. A clean figure to model, with treasury kept simple.Clean figure, dollarised economy.
✓
An ASEAN growth base
The economy has grown around 5-6% a year in recent years, and Phnom Penh remains one of the cheapest serious bases in Southeast Asia. Low costs, central-bank supervision, regional reach.5-6% growth years; low-cost Phnom Penh.
How it compares
How Cambodia differs from other routes.
Cambodia is the young, bank-centric permission regime of Indochina. The honest comparison is below - including that approvals are case-by-case.
Cambodia vs other jurisdictions
| Feature |  Cambodia | Other jurisdictions |
|---|---|---|
| Regulatory regime | NBC prior approval (Prakas B7-024-735) | Licence or registration regimes |
| Maturity | Young - opened December 2024 | Varies |
| Asset treatment | Group 1 / Group 2 classification | Often undifferentiated |
| Corporate tax | 20% | Ranges widely |
Regulatory regime
CambodiaNBC prior approval (Prakas B7-024-735)
Other jurisdictionsLicence or registration regimes
Maturity
CambodiaYoung - opened December 2024
Other jurisdictionsVaries
Asset treatment
CambodiaGroup 1 / Group 2 classification
Other jurisdictionsOften undifferentiated
Corporate tax
Cambodia20%
Other jurisdictionsRanges widely
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Cambodia | NBC approval (Prakas 2024) | 20% corporate | Case-by-case, bank-centric |
 Thailand | Digital asset licence (SEC) | 20% corporate | Established since 2018 |
 Vietnam | Pilot regime forming | 20% corporate | No general licence yet |
 Philippines | VASP licence (BSP) | 25% corporate | Licensed, established |
CambodiaLicense typeNBC approval (Prakas 2024)
Taxation20% corporate
RequirementsCase-by-case, bank-centric
ThailandLicense typeDigital asset licence (SEC)
Taxation20% corporate
RequirementsEstablished since 2018
VietnamLicense typePilot regime forming
Taxation20% corporate
RequirementsNo general licence yet
PhilippinesLicense typeVASP licence (BSP)
Taxation25% corporate
RequirementsLicensed, established
Before you apply
Requirements for NBC approval.Requirements for NBC approval.
The NBC reviews each application against the Prakas and its own supervisory standards. The checklist below is what a serious approval file is built around - confirmed for your services before anything is filed.
01
Cambodian entity - a locally incorporated company, or a licensed bank or payment service institution, with genuine presence.
02
NBC prior approval - the specific cryptoasset services applied for and granted before operations begin.
03
Service and asset scope - exchange, transfer or safekeeping mapped to the Prakas, with products classified into Group 1 or Group 2.
04
Fit & proper management - competent directors and officers with clean records.
05
Capital and financial standing - as the NBC requires for your services and risk.
06
AML/CFT framework - KYC, monitoring and reporting under Cambodia's AML law, with a named officer and CAFIU reporting.
07
Safeguarding of customer assets - segregation, custody policy and key-management design.
08
Governance - ownership disclosed to UBOs, conflicts, complaints and consumer-protection procedures.
09
Systems and security - technology and record-keeping the NBC can inspect.
10
Business plan - services, volumes and financials the central bank can interrogate.
11
Wind-down plan - credible and documented.
01
Cambodian entity, bank or payment institution.
02
Prior NBC approval before operations.
03
Services mapped to the Prakas; assets to groups.
04
Fit & proper directors and officers.
05
Capital - as the NBC requires.
06
AML/CFT with CAFIU reporting, named officer.
07
Safeguarding of customer assets.
08
Ownership disclosed to UBOs.
09
Systems the NBC can inspect.
10
Business plan the NBC can test.
11
Credible wind-down plan.
Reflects Prakas No. B7-024-735 of 26 December 2024 and NBC practice as of 2026. Providing cryptoasset services without prior NBC approval remains prohibited under Cambodian law.Prakas B7-024-735 (26 Dec 2024) + NBC practice, as of 2026.
How it works
From first call to NBC approval.
01
Perimeter and strategy
We map your services and assets to the Prakas - permitted services, Group 1 or Group 2 treatment - and fix scope and timeline in writing.Services and asset groups; scope in writing.
02
Cambodian company and substance
Local incorporation, registered office, directors and the governance layer - the presence the NBC assesses behind the application.Local incorporation, office, directors.
03
The approval file
AML/CFT framework, safeguarding and systems documentation, business plan and capital - assembled to the central bank's standard.AML, safeguarding, plan, capital - NBC-grade.
04
NBC review
The application and question rounds with the NBC - case-by-case in a young regime, so every answer is prepared before it is asked.Case-by-case rounds - answers prepared early.
05
Approval and operations
The NBC approval granted with its conditions, and the business live - with ongoing AML and reporting duties we can keep running.Approval with conditions; duties we can run.
Quick facts
RegulatorNBC
FrameworkPrakas B7-024-735
Issued26 December 2024
RoutePrior NBC approval
Asset classesGroup 1 / Group 2
Securities-type assetsSERC
Corporate tax20%
SubstanceCambodian entity + presence
The regime opened in December 2024 and approvals are case-by-case - we build to the current standard and say plainly what is still discretionary.
On the ground in Cambodia
Run from our Dubai office, with Cambodian counsel.
Prifinance - Cambodia desk
Phnom Penh · Cambodia
Phnom Penh, Cambodia
01
Cambodian incorporation
Local company formation and the corporate layer the NBC expects - or the structuring alongside a licensed bank or payment institution.Local company built for the NBC application.
02
The approval file
Service scoping, asset-group mapping, AML/CFT pack, business plan and capital - drafted by us to the Prakas and defended before the NBC.Services, groups, AML, plan - to standard.
03
Substance and governance
Directors, a named compliance officer and the Phnom Penh presence the approved services require - assembled pragmatically.Directors, compliance officer, local presence.
04
Banking and operations
Accounts arranged on full disclosure in a dollarised market, matched to the flows - the approved business live on rails that hold.Accounts on disclosure in a dollarised market.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Dubai
UAE
33 Level, Al Saqr Business Tower
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of crypto companies in Cambodia.
Company profits carry Cambodia's flat 20% tax on income, in an economy that runs on US dollars alongside the riel. The crypto-specific tax picture is young - we model on the current rules.
20% tax on income
The standard corporate rate is a flat 20% on profits. Ordinary deductions apply, and an approved cryptoasset business is taxed as an ordinary Cambodian company.Flat rate; ordinary deductions.
1% minimum tax
A minimum tax of 1% of annual turnover applies unless the company keeps proper accounting records and secures the exemption - which an NBC-approved business should. We set the books up for that from the start.Waivable with proper accounting records.
VAT at 10%
Cambodia's VAT runs at 10%. How it maps onto cryptoasset fee income is part of the young picture - we plan for it rather than assume an exemption.Planned for, not assumed away.
14% withholding abroad
Payments to non-residents - interest, royalties, services - generally carry 14% withholding. Flows to foreign group companies and providers are structured so the outcome is deliberate.On most non-resident payments.
A dollarised economy
The riel circulates beside the US dollar, and most large transactions price in dollars. That keeps treasury simple for a crypto business - fewer conversion layers between revenue and reporting.USD beside the riel - simple treasury.
Records serve both
The AML and NBC record-keeping the approval requires also underpins the tax position - regulator-grade books double as tax-office-grade books.Regulator-grade books serve tax too.
Tax summary
Corporate tax on income20%
Minimum tax1% of turnover (waivable)
VAT10%
Non-resident withholding14%
CurrencyKHR + USD in practice
Crypto-specific rulesYoung, forming
*As of 2026. Crypto-specific tax practice is still forming under the new regime - we model on the current position and track changes.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Cambodian company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, NBC-approved business.
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Cambodia · NBC
Launch your crypto project in Cambodia with expert support.
Full-service assistance - from company registration to NBC approval and ongoing compliance.
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Request a free conclusion →FAQ
The Cambodia crypto licence, answered.
Is crypto now legal in Cambodia?+
Permitted, with approval. Prakas No. B7-024-735 of 26 December 2024 allows banks, payment service institutions and other legal entities to provide cryptoasset services - exchange, transfer, safekeeping - with prior approval from the National Bank of Cambodia. Without approval, the old prohibition still bites.
What exactly changed in December 2024?+
Cambodia moved from a blanket ban, in place since a 2018 joint statement, to a permission-based system run by the central bank. The Prakas names the services, defines cryptoassets and sets out how the NBC approves and supervises providers.
Who can apply?+
Commercial banks, payment service institutions and other legal entities intending to provide cryptoasset services. For non-bank founders that means a Cambodian company built to the NBC's expectations - which is the structure we prepare.
What are Group 1 and Group 2 assets?+
Group 1 covers backed cryptoassets - tokenised traditional instruments (1a) and qualifying stablecoins (1b). Group 2 covers unbacked assets such as BTC and ETH and carries tighter exposure treatment; banks may hold own-account positions in Group 1 only.
What about tokens that are securities?+
They sit with the securities regulator, the SERC, under its own digital-asset rules. Part of scoping is deciding which side of the line your product falls on - NBC or SERC - before anything is filed.
How long does NBC approval take?+
There is no published statutory clock; approvals are case-by-case in a regime that opened in December 2024. We prepare the file so question rounds stay short, and we confirm realistic timing for your case before work begins.
How are crypto companies taxed?+
A flat 20% on profits, VAT at 10%, 14% withholding on most payments to non-residents, and a 1% minimum turnover tax that proper accounting can lift. The economy is dollarised, which keeps treasury simple.
Why Cambodia?+
Because the door is new and the queue is short. A central bank that runs Bakong is granting first approvals, the classification is legible, and a serious file filed early takes a seat that later applicants will wait for.
Is crypto legal now?+
Permitted with prior NBC approval, since 26 Dec 2024.
What changed?+
Prakas B7-024-735 replaced the 2018-era ban.
Who can apply?+
Banks, payment institutions, other legal entities.
Group 1 vs Group 2?+
Backed vs unbacked; stricter rules for Group 2.
Securities tokens?+
SERC side - scoped before filing.
Timing?+
Case-by-case; no statutory clock yet.
Company taxes?+
20% flat; VAT 10%; 14% withholding abroad.
Why Cambodia?+
A new door, short queue, credible central bank.
Client notes
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the National Bank of Cambodia, the SERC or any other public authority. Approvals and licences are granted by, and obtained directly from, the competent authorities.