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politics divide, money unites.
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TL;DR – Cambodia is opening the door to crypto but still fences off “un‑backed” coins like Bitcoin behind a brand‑new licence wall.
Cambodia will let you list — but only if you thread two regulatory needles at once: the crypto needle (Prakas No. B7‑024‑735 puts Bitcoin in “Group 2” high‑risk assets) and the capital‑markets needle (CSX Main or Growth Board listing under SECC rules). Below is a step‑by‑step playbook that starts with your private BTC‑treasury vehicle and ends with a publicly traded, fully regulated Cambodian Stock Exchange (CSX) listing. It highlights timing, paperwork, quantitative hurdles, team roles, crypto‑licence sequencing, typical costs, and the risk mitigations a U.S. founder must build in from Day 1.
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