Join Delphine Forma, Head of Policy Europe and APAC at Solidus Labs, as she sits down with Dr. Vin Pheakdey, Deputy Director General and Chair of the FinTech Working Group at the Securities and Exchange Regulator of Cambodia.

They explore how Cambodia has built a digital asset regulatory framework from scratch — moving from a blanket restriction on unlicensed crypto activity in 2018 to a formal licensing regime under SERC and the National Bank of Cambodia. A rare, regulator-led perspective on what it takes to design proportionate, innovation-friendly oversight in an emerging market — and what more developed jurisdictions could learn from it.

They discuss:

• Cambodia's regulatory philosophy of "controlled openness" and why bringing digital asset activities within a regulated perimeter is more effective than trying to ignore them
• What Prakas 093 covers, how digital asset activities are classified, and which businesses fall within SERC's regulatory perimeter
• The key licensing, governance and compliance requirements digital asset businesses must satisfy before entering the Cambodian market
• Why every applicant must successfully complete the Digital Securities Sandbox before being eligible for a full licence, and what SERC is assessing throughout that process
• Cambodia's approach to investor protection, market integrity and cross-border supervision in an increasingly global digital asset ecosystem
• Why licensed firms provide SERC with direct access to transaction data, and how RegTech and SupTech are transforming regulatory supervision
• Why supervising market abuse in crypto requires more than traditional surveillance, and how SERC is preparing for cross-venue and cross-border manipulation
• How Project Bakong, Cambodia's blockchain-based payment infrastructure, has accelerated digital adoption and influenced the country's broader approach to digital assets
• An exclusive preview of Cambodia's forthcoming Digital Asset Law and the joint SERC–National Bank of Cambodia supervisory guidelines currently under development

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