Is it illegal to trade with Cryptocurrency?

Cryptocurrency can be traded, don’t get excited right away news local. Unlicensed cryptocurrencies will now be considered illegal, Cambodian authorities. Authorities have announced that domestic investors must now obtain a license to allow them to buy, sell or trade cryptocurrencies.

Is Trading With Cryptocurrency Legal?

A joint statement was issued last month by the National Bank of Cambodia, Cambodia’s Securities and Exchange Commission and the National Police Commissioner General.. They explained that the decision was made after seeing growth in cryptocurrency volumes in the country.. The statement declares;

Clarifies that the spread, circulation, purchase, sale, trade and settlement of cryptocurrencies without license from the competent authorities are illegal activities .

The statement continues by stating that failure to obtain the required license will result in punishment in accordance with applicable law. Also, in the said statement, your participation in cryptocurrency markets is due to price volatility, cybercrime, and a lack of consumer protections. They refer to the ponzi scheme OneCoin, stating that it can put you in the position of a risky investor.. They haven’t touched on what you need to do to get a license so far, but it’s only likely to be a deterrent to some investors, or at least a barrier. It was published. It has prohibited domestic financial institutions from providing account services to cryptocurrency investors and traders. It operates in a gray area as there is no legal framework.

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