How to Buy Cryptocurrency in Cambodia
Buying cryptocurrency in Cambodia
Back in December 2017, the country's central bank, Bank Indonesia, passed a regulation prohibiting the use of cryptocurrencies such as Bitcoin as forms of payment starting 1 January 2018. From then on, very stern regulations were adopted in the country, which limited citizens and businesses trading Bitcoin or other tokens without acquiring a license. Such regulations were probably put in place because Cambodia made an announcement about issuing its own digital currency in 2019. This promise came true in October 2020. However, this doesn't mean that purchasing Bitcoin in Cambodia isn't possible. An easy way of doing so is through various cryptocurrency exchanges, all of which have their own transaction fees, limits of withdrawal and modes of payment. Cambodians are also free to use LocalBitcoins to make exchanges with others within the network much easier. What makes LocalBitcoin different from any other exchange is the fact that it is more private.
As of 20/03/2021
These exchanges all accept customers from Cambodia. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options