Cambodia is closing out 2026 with a run of digital asset policy milestones. A draft Law on the Management of Virtual Assets and Digital Assets is targeting a final draft for November, regulators have published a joint licensing framework for crypto firms, and the country’s blockchain-based payment system, Bakong, has processed 1.33 billion transactions.
Those developments form the backdrop to Black Swan Summit Cambodia, which the National Bank of Cambodia (NBC) and the Global Finance & Technology Network (GFTN) will host in Phnom Penh on November 15–16.
Cambodia’s Digital Asset Law Targeted for Completion in November
Prime Minister Hun Manet signed a decision on July 8 forming a 26-member inter-ministerial working group to draft the law, with a secretary of state from the Ministry of Economy and Finance and an NBC deputy governor as co-chairs.
The Securities and Exchange Regulator of Cambodia (SERC) has set out the drafting timeline. The work plan called for a framework law by the fourth week of September, with three pillars fully drafted: competent authorities, anti-money laundering and countering the financing of terrorism (AML/CFT), and enforcement. SERC said those pillars match the Financial Action Task Force’s expectations for virtual asset service providers (VASPs). The project is led by Jason de Mink of UK-based D2 Legal Technology, whom the Asian Development Bank assigned to SERC. The final draft is targeted for November, with legislative approval expected by the end of 2026.
NBC and SERC Split Crypto Licensing Between Banks and Non-Banks
In late September, NBC and SERC launched a joint oversight framework that sets licensing and reporting rules for the virtual asset sector. Commercial banks licensed by the NBC need central bank approval to offer virtual asset services, while other entities must obtain a license from SERC. Authorized firms become reporting entities under the Cambodia Financial Intelligence Unit.
The framework builds on two earlier rules. NBC Prakas on transactions related to crypto assets, issued on December 26, 2024, classifies crypto assets into two groups. Group 1 covers tokenized traditional financial instruments and stablecoins backed by reference assets, which banks and payment institutions can deal in with NBC approval, while Group 2 covers unbacked crypto assets.
On December 30, 2025, the Non-Bank Financial Services Authority introduced Prakas 093 on the licensing and management of digital asset businesses. It classifies digital assets as a type of security, requires digital asset service providers to hold a SERC license, and requires them to work with an authorized cash settlement agent for any conversion between digital assets and cash. Initial licenses run for two years and renewals for three. The rules apply to digital asset activity for investment purposes and exclude payment transactions.
Bakong Passes 1.33 Billion Transactions
The NBC has developed its digital asset rules alongside Bakong, the payment system it formally launched in October 2020 with Japanese developer SORAMITSU on the Hyperledger Iroha blockchain. By the end of 2024, Bakong had reached 30 million accounts and was processing 600 million transactions a year, with an annual value equal to 330% of Cambodia’s GDP. On October 16, Cambodia Investment Review reported that Bakong has now processed 1.33 billion transactions.
Bakong sits at the center of the summit program. The NBC said the event will show how Cambodia turned dollarization and a fragmented payment system into secure, sovereign-controlled payment rails, with discussions on how the country became one of Asia’s most advanced QR payment ecosystems.
Inside the Black Swan Summit Cambodia Agenda
The summit is co-organized with the Cambodian Association of Finance and Technology and takes place the same week as the Sommet de la Francophonie. Over two days, the program covers Bakong, monetary sovereignty, financial inclusion, cross-border payment links between ASEAN and Francophone markets, and what fintech will build next.
Delegates include ministers, central bankers, regulators, financial institutions, payment providers, investors, and technology firms from ASEAN, the Francophone world, and Cambodia’s own fintech sector. Sponsors include KB Prasac Bank, Wing Bank, Sathapana Bank, and J Trust Royal Bank. GFTN, which hosts the Black Swan Summit series, is a not-for-profit established by the Monetary Authority of Singapore in 2024. The organizers summarized the summit’s aim as leaving Phnom Penh with “a blueprint any emerging market can use to build its own.”
Cambodia’s Place in Asia’s Stablecoin Push
Cambodia’s licensing work is part of a wider regional move to bring stablecoins and digital assets under formal rules. In Hong Kong, the HKMA granted its first stablecoin issuer licenses to HSBC and Anchorpoint Financial, a Standard Chartered-led joint venture, on April 10, 2026. Disruption Banking reported in March that both banks were likely to be among the first licensees. With banks already able to seek NBC approval for Group 1 stablecoin activity and a full digital asset law due before year-end, the summit arrives as Cambodia’s crypto rulebook nears completion.
Disruption Banking is an official media partner of Black Swan Summit Cambodia. Registration is open on the summit website.
Author: Ayanfe Fakunle
The editorial team at #DisruptionBanking has taken all precautions to ensure that no persons or organizations have been adversely affected or offered any sort of financial advice in this article. This article is most definitely not financial advice.
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