🚀 Why Cambodia?

• Zero competition: CoinATM Radar shows no active Bitcoin ATMs anywhere in the Kingdom, including Phnom Penh. That’s a green‑field opportunity to become the country’s first mover.  
• Young, crypto‑curious market: Cambodia ranks 17 th globally for crypto adoption, with ±530 000 users forecast by 2025 and market revenue of ≈ US $7.5 million. Two‑thirds of those users are under 25, perfect foot‑traffic for kiosks in malls, universities and nightlife areas.  

1️⃣ Regulatory & Licensing Road‑map

Layer	What you need	Who issues it	Key notes / timing
Corporate shell	Register a Private Limited Company (preferred for foreign founders)	Ministry of Commerce online portal	Name reservation ➜ articles of incorporation ➜ certificate in ± 1 week.
Crypto‑asset licence	CASP (Crypto‑Asset Service Provider) licence	National Bank of Cambodia (NBC)	Created by Prakas B7‑024‑735 (26 Dec 2024). Draft implementing rules (capital, fit‑&‑proper, audit) expected 2025; engage NBC early and submit an expression of interest.
Cash‑handling approvals	Money‑Changer / Money‑Remittance licence (for fiat)	NBC CamDX e‑licensing portal	Required because the machine exchanges physical cash for digital value.
AML / CFT compliance	Register as a Reporting Entity & file policies	Cambodia Financial Intelligence Unit (CAFIU)	KYC, STR/CTR reporting, appoint Compliance Officer.  [oai_citation:8‡AML Compliance

⚖️ Pro‑tip: NBC’s Prakas puts Bitcoin in “Group 2” (unbacked). Banks may not touch Group 2 assets, but non‑bank CASPs can once licensed. Your ATM therefore sits outside the traditional banking stack but must ring‑fence fiat settlement accounts and implement robust KYC.

2️⃣ Build‑out Checklist

1. Banking & Settlement
   
   • Open a corporate KHR/USD account with a bank that already connects to Bakong (NBC’s domestic blockchain rail). Position your ATM cash floats here so daily settlement is cheap and instant.
3. Hardware Choices

Model (Two‑way)	Price*	Notes
General Bytes BATMTwoPro	from US $5 199	10‑inch screen, rugged, server fee 0.25 % per transaction.
Lamassu Tejo	about €6 700	Flat US $53/mo software licence, open‑source backend.
Entry‑level (BitTeller A6, one‑way)	US $934	Good for pilot sites with limited cash-out need.

2. Budget about US $3 500 – 7 500 per kiosk, plus freight and customs VAT.
3. Software & Compliance Stack
   
   • Choose backend that supports Cambodian KYC ID‑types (National ID card, E‑Visa).
   • Integrate on‑machine ID‑scan + selfie liveness; set thresholds to trigger Enhanced Due Diligence (> US $2 000).
   • Auto‑report large or suspicious transactions to CAFIU within 24 h.  
5. Connectivity & Uptime
   
   • Dual‑SIM 4G/5G router (Smart Axiata / Metfone) + fibre backup where available.
   • VPN tunnel to your cloud node for real‑time monitoring and anti‑tamper alerts.
7. Cash Logistics
   
   • Contract a local Cash‑in‑Transit (CIT) provider such as PROTEK (Phnom Penh) or Brink’s. They swap cassettes, reconcile, and cut your insurance premiums.  
9. Site Acquisition & Revenue Share
   
   • Target 24‑hour convenience stores, tourist hostels, bars, and busy petrol stations.
   • Typical host split: 20–40 % of gross transaction fees or fixed rent + utilities.

3️⃣ Financial Snapshot (per machine, Year 1)

Cost / Revenue Driver	Low	High	Comment
Hardware & import	$4 000	$8 000	inc. taxes, delivery
Licensing & legal	$6 000	$15 000	company + CASP + AML manual
Monthly opex (data, rent, CIT, software)	$300	$600	Lamassu plan or GB % fee
Average fee charged to users	6–12 % buy / 8–15 % sell	Industry norms; set tiered pricing
Break‑even volume	≈ US $25 000 turnover / mo	With 8 % net spread, breakeven in 12–14 months

(Assumes two‑way machine, 50 tx @ $500 average ticket.)

4️⃣ 10‑Step Launch Blueprint

1. Market study – map foot‑traffic & expat corridors; interview store owners.
2. Incorporate company – MoC one‑stop online.
3. Draft compliance framework – AML/KYC, data‑retention, consumer T&Cs.
4. Apply CASP & Money‑Changer licences – keep NBC updated, respond to info requests.
5. Secure banking + Bakong integration – pilot settlement flows with sandbox funds.
6. Order hardware & stage it – load Khmer & English UI, set fee tables.
7. Negotiate host agreements & install – signage, CCTV, power stabiliser.
8. Go‑live soft launch – cap limits at US $200, gather user feedback.
9. Scale marketing – Telegram, Facebook groups, QR flyers with Bakong merchants.
10. Continuous compliance – quarterly NBC reports on crypto exposure, CAFIU CTR/STR submissions, machine audits.

5️⃣ Common Pitfalls to Dodge ✅

Pitfall	Avoidance tip
Operating before licence	NBC actively blocks unlicensed crypto services; fines + seizure risk.
Bank‑account de‑risking	Maintain spotless AML records; keep Group 2 exposure off bank balance sheet.
Cash‑handling shrinkage	Use CIT sealed cassettes + remote cash‑level sensors.
Foreign‑ownership confusion	Pte Ltd companies may be 100 % foreign‑owned in fintech; still need local registered address.

🎉 Closing Pep Talk

Cambodia’s regulators have opened the door to licensed crypto services, yet no one has stepped through with an ATM network. With clear rules emerging, a young population hungry for digital assets, and first‑mover advantage on your side, this is your moment to plug Bitcoin directly into the streets of Phnom Penh and beyond.

Line up your licences, lock down compliance, and launch that shiny orange kiosk—because the Kingdom’s next frontier in financial inclusion is waiting for you to push “START”. Good luck, and go make crypto history! 🚀