Cambodia has a young, mobile-friendly population and a largely unbanked economy. For example, Phnom Penh’s crowded markets (above) show the widespread use of mobile phones and informal payments. Over 70% of Cambodians lack a traditional bank account , so digital payment systems have scaled rapidly. Cambodia’s central‐bank digital wallet Bakong (launched 2020) already had 5.9 million users and $2 billion in transactions by late 2021 . Likewise, remittances from about 1 million overseas workers (~6% of GDP) drive interest in low-fee transfers . In short, financial inclusion pressures and costly existing money-transfer fees make alternatives like crypto appealing.
Key drivers of crypto interest include:
- Unbanked population: ~70% of Cambodians use no bank , so smartphone-based payments (like Bakong) are already trusted.
- Remittances: Migrant workers sent ~$1.5 billion home in 2019 (≈6% of GDP) , creating demand for cheaper P2P transfers.
- Youth tech adoption: Over 66% of crypto users are under 24 years old , reflecting a tech-savvy generation.
- USD usage: More than 80% of transactions are in US dollars , so some Cambodians see crypto as an alternative store of value or a way to diversify away from foreign currency.
- Government digital push: The National Bank promotes a riel-based digital currency (Bakong) to boost monetary sovereignty , indicating openness to blockchain solutions.
Key Crypto Initiatives and Companies
Cambodia now has several crypto-related platforms and projects. A summary of notable entities is below:
| Initiative / Company | Role / Notes |
| NBC Bakong (CBDC project) | Government blockchain payment system (CBDC-like); launched 2020, ~5.9 M users by 2021 , drives financial inclusion. |
| Royal Group Exchange (RGX) | Cambodia’s first licensed digital asset exchange (SERC sandbox, launched Jan 2024) offering Bitcoin and other tokens . |
| Cambodian Network Exchange (CNX) | Second local crypto exchange under the FinTech sandbox (affiliated with telecom sector). |
| SBI LY HOUR & Ripple | Blockchain remittance corridor; in May 2021 SBI Bank used Ripple to enable cross-border transfers from Cambodia . |
| Mobile wallets (Wing, TrueMoney, SmartLuy) | Popular mobile-money services for the unbanked; potential on/off-ramps for crypto (though not crypto projects themselves). |
| Foreign exchanges (Binance, Coinbase) | Widely used by Cambodians (e.g. ~200k Binance users ) but formally blocked domestically to promote local platforms. |
Cambodia’s securities regulator (SERC) has established a FinTech sandbox to pilot crypto exchanges. Only two local platforms – RGX (Royal Group) and CNX – are currently licensed there . All crypto entities must navigate tight oversight: banks can only hold “Group 1” digital assets (stablecoins/tokenized securities) and not unbacked coins like Bitcoin . Meanwhile, projects like Bakong (named after an ancient Khmer temple ) demonstrate public-sector engagement with blockchain for payments.
Crypto Adoption in Cambodia and Diaspora
Official data suggests Cambodia has one of Asia’s fastest-growing crypto user bases. Chainalysis ranks Cambodia ~17th globally in grassroots crypto adoption (2024) . Industry reports estimate ~530,000 Cambodians (≈3% of the population) will hold cryptocurrency by 2025 . Most users are young and use crypto for peer-to-peer value transfer rather than everyday shopping . In practice, crypto in Cambodia is driven by transfers and remittances: many Khmer abroad (e.g. in Thailand, Malaysia) send money home via Bitcoin or stablecoins to save fees . For instance, analysts note Cambodian migrant workers adopted a blockchain remittance platform (joint SBI-Ripple venture, 2021) in hopes of reducing costs .
Communities and events reflect growing engagement. A “Phnum Pénh Bitcoin” Meetup group (organized by CryptoAsia) had about 947 members as of 2023 , showing grassroots interest. Education efforts include annual conferences: the Cambodia Blockchain Summit 2025 drew blockchain entrepreneurs, government and university partners (co-organized by Startup Grind, NUM, Cambodia Blockchain Community, with RGX sponsorship) . Local leaders (e.g. a National Bank official and tech CEOs) spoke on topics from CBDC to crypto projects . Such meetups and summits provide training and awareness, bolstering the crypto ecosystem.
Cambodian diaspora communities also use crypto. Overseas Cambodians frequently send remittances via crypto channels, a reliance noted by analysts of Cambodia’s ban on foreign exchanges . In fact, one analysis observed that restriction on platforms like Binance “disproportionately affects overseas Cambodians relying on cryptocurrencies for remittances” . This suggests the Khmer diaspora finds utility in crypto to circumvent remittance frictions.
Cultural and Historical Resonances
Khmer cultural and historical factors add context. Cambodia’s past – from colonial rule to the Khmer Rouge era and recent cronyism – has sometimes bred skepticism toward centralized authority and financial control. In this light, decentralization and sovereignty resonate: Cambodians value independence and may view blockchain’s open ledger as a transparent alternative. The government itself emphasizes the riel’s use and economic sovereignty (e.g. launching Bakong, named after a Khmer temple , to foster national identity in finance). Likewise, Bitcoin’s promise of peer-to-peer exchange aligns philosophically with a desire for financial self-reliance after years of external intervention.
At the same time, Cambodian society places importance on trust and community. Traditional networks (family, temples, rotating savings groups) remain strong. Crypto proponents often frame Bitcoin as a global community tool, but its adoption faces cultural hurdles: awareness and education are still catching up. In some discussions, Cambodians mention that rapidly introducing new money (like cryptocurrency) requires building trust. The digital literacy level is improving, but many still rely on cash or mobile e-payments (Wing/TrueMoney) for routine needs. As one central banker put it regarding Bakong’s rollout, “technology is a means to an end, not the end goal” – highlighting that Cambodians value the social purpose of payment systems . In sum, ideals of decentralization and sovereignty may find sympathetic ears, but real adoption will depend on trust-building, education, and practical utility.
Policy and Regulatory Developments
Cambodia’s authorities have taken a cautious-but-engaged stance. Notably, late 2024 saw the Telecom Regulator block access to 16 unlicensed foreign crypto exchanges (Binance, Coinbase, etc.) , signaling an intent to push users toward local, regulated options. Shortly after, in January 2025 the National Bank of Cambodia issued its first digital-asset regulations. These rules classify assets into two groups: Group 1 (approved stablecoins and tokenized securities) which banks may hold (up to ~5% of capital) , and Group 2 (other cryptoassets like Bitcoin) which remain outside normal banking channels. Thus, banks and payment firms can only legally engage with stablecoins and on/off ramp services , leaving Bitcoin and similar coins tightly controlled.
Meanwhile, the Securities Regulator (SERC) has encouraged innovation through a FinTech Sandbox, where local exchanges like RGX/CNX operate under supervision . The royal government has signed MoUs (e.g. with Binance, Cambo Trust) to research legal frameworks, and fintech education has expanded (e.g. workshops on tokenization). These steps aim to balance inclusion with safety. For example, authorities cited financial integrity goals when blocking foreign platforms and have stressed bolstering the national currency (riel) via blockchain projects .
Policy developments to watch: The government is drafting licensing rules to allow banks/payment firms to offer crypto services (custody, fiat swaps) under strict oversight . Also under discussion is integrating crypto rails with Bakong to boost riel usage . Education efforts from regulators and NGOs are budding (seminars, online courses) to improve crypto literacy. Overall, Cambodia’s approach blends innovation (building on Bakong’s success ) with caution. As one analyst notes, regulators focus on “financial inclusion and riel stability” rather than speculative Bitcoin investing .
Summary: Bitcoin and crypto are growing in Cambodia due to economic needs (remittances, inclusion) and interest from youth. Key initiatives include the Bakong system and licensed exchanges like RGX (table above). Adoption remains small in the formal economy, but communities and diaspora use cases are significant. Policy is evolving: stablecoins are welcomed under license, while Bitcoin is tightly regulated . Ongoing dialogue between tech entrepreneurs and officials – through summits and sandboxes – is shaping a uniquely Khmer crypto landscape.
Sources: Authoritative reports and news articles on Cambodia’s crypto trends and policies .