Adoption and Usage: Cambodia has seen growing interest in cryptocurrency, especially among young Cambodians. A 2024 Chainalysis report ranked Cambodia 17th globally in crypto adoption , driven largely by remittances and peer-to-peer (P2P) trading. About two-thirds of Cambodian crypto users are aged 18–24 . The market is still small: Statista forecasts crypto revenue of ~$7.5 million in 2025 and roughly 530,000 users (~3% of the population) . The Bakong payment system (a tokenized central-bank wallet) is widely used (65%+ of population ), but Bitcoin itself is mostly held as an investment or cross-border transfer medium by tech-savvy individuals. In late 2023, the government even piloted a Ripple-based blockchain remittance service . Nevertheless, most Cambodians have little experience with crypto: one survey (Nov 2022) found only ~10.6% had ever used cryptocurrency, while 68% had never used it . In daily commerce, Bitcoin is still rare; U.S. dollars dominate transactions and local merchants generally do not accept crypto.
Regulatory Landscape: Cambodian authorities have taken a cautious but evolving stance. In 2018, the central bank (NBC), securities regulator (SERC) and police warned that any crypto trading without a license was illegal. In 2024–2025, new rules emerged. In January 2025 the NBC issued its first formal “Prakas” for crypto, creating two groups of assets: Group 1 (stablecoins and tokenized securities) and Group 2 (unbacked coins like Bitcoin). Only licensed banks and payment firms can offer crypto services, and they may only handle Group 1 assets . Even then, banks’ exposure to crypto is limited (e.g. max 5% of equity for tokenized assets ). In April 2024 the NBC reiterated that banks and financial institutions are not allowed to process crypto transactions . In practice, after licenses are granted NBC permits banks/payment providers to handle crypto (transfer or custody) but explicitly excludes Bitcoin and other unbacked tokens .
The telecom regulator (TRC) has also intervened. In November 2024 it ordered Cambodian ISPs to block websites of 16 major foreign exchanges (including Binance, Coinbase, OKX) for operating without local licenses . Mobile apps for those exchanges reportedly still work, but this was intended to push users toward local platforms. The government promotes the local Riel currency: Cambodia’s economy is highly dollarized (80%+ of transactions in USD ), and officials want to bolster the Riel by restricting dollar-denominated crypto flows. Throughout, authorities emphasize AML/KYC compliance: all crypto service providers must obtain licenses (under the SERC “FinTech sandbox”) . Only two entities are licensed so far , and even they cannot exchange crypto directly for KHR or USD.
Exchanges and Access: Local licensed exchanges are just launching. The Royal Group Exchange (RGX) – backed by the Kith Meng conglomerate – became the first authorized digital-asset exchange in Cambodia (approved under the SERC sandbox) . RGX lists over 100 coins, offers trading (spot and futures) and has Khmer-language UI, 24/7 support and an educational academy to build trust . It charges very low fees (maker/taker around 0.02%/0.05%) , requires only ID and facial KYC, and is explicitly regulated under Cambodia’s fintech sandbox . A second local platform (sometimes referred to as “Cambodian Network Exchange”) is also in the sandbox, but it has not yet come fully online.
By contrast, international exchanges dominate usage despite access restrictions. Binance, Coinbase, OKX, Bybit, etc., are popular because of liquidity and convenience. However, Cambodian regulators have blocked their websites . Many Cambodians still access them via VPNs or the exchanges’ mobile apps. Local users frequently use P2P markets (e.g. Binance P2P, LocalBitcoins, Paxful) to convert riel or USD into crypto, since banks will not directly service crypto trades . In practice, no legal fiat-to-crypto onramps exist in Cambodia: licensed platforms cannot trade crypto for KHR/USD . Compared to global platforms, RGX and other local exchanges are still limited (few trading pairs, no crypto-to-fiat). For international platforms, fees vary (Binance ~0.1% per trade, Coinbase ~1.5–4% on buys) and security/user-friendly design is generally high, but none are officially regulated in Cambodia .
| Exchange (Type) | Fees (approx.) | Fiat (KHR/USD) support | Regulatory Status (Cambodia) |
| RGX (Royal Group) – Local | Maker ~0.02%; taker ~0.05% | No direct crypto–fiat (only crypto–crypto); KHR on/off-ramps planned | Licensed under SERC fintech sandbox (only crypto trading allowed) |
| Binance – International | Maker/taker ~0.1% (P2P spreads ~0.5–1%) | Yes (KHR via P2P on-market); USD pairs available | Unlicensed; website blocked by TRC (apps remain operational) |
| Coinbase – International | 1.49% (bank ACH), 3.99% (card) | USD only (no KHR support) | Unlicensed; website blocked (mobile app accessible) |
Khmer-Language Resources: Information about Bitcoin is available in local Cambodian media and online communities. The Khmer-language business site Cambonomist regularly covers crypto topics; for example, it recently highlighted warnings from the Cambodia Securities Exchange Chairman to “be very cautious” with Bitcoin trading since it lacks legal recognition . Other Khmer outlets occasionally translate or report crypto news, and there are active Khmer crypto communities on social platforms. Facebook groups such as “Bitcoin Cambodia” or “Cambodia Crypto News” publish news and links (often to Telegram channels) in Khmer. (Official sources like the NBC website are primarily in English, so online discussion and news sites are important for Khmer readers.) Local exchanges like RGX also provide Khmer tutorials and FAQs for beginners.
Local Sentiment: Cambodian sentiment on Bitcoin is mixed. In the cities and online, many young people and tech enthusiasts express interest in crypto’s potential for investment or remittances. The Chainalysis data and market reports show a growing user base among youth . At the same time, a majority of Cambodians remain uninvolved: surveys show high unfamiliarity (over 68% of respondents in one 2022 survey had never used cryptocurrency ). Key opinion leaders urge caution. For example, Cambodia Securities Exchange Chairman Hong Sohour warned that Bitcoin “is not yet widely recognized” and investors should be “very cautious” because many governments cannot protect them in case of fraud . News stories of crypto scams and arrests in Cambodia have also fueled skepticism. Overall, understanding of Bitcoin is still low, and many Cambodians see it as risky or speculative.
Risks and Challenges: Several barriers hinder broader Bitcoin adoption in Cambodia. Legally, crypto-to-fiat trading is essentially banned, so individuals have no regulated way to cash out Bitcoin for KHR or USD . This means crypto remains mostly a closed loop among international platforms. The dominance of the US dollar (80%+ of transactions ) and lack of on-ramps make Bitcoin impractical for everyday use or remittance in local currency. Technologically, many Cambodians lack crypto literacy and familiarity, and internet/mobile infrastructure outside urban areas is still developing.
Security and economic factors also pose challenges. Cambodia’s recent history of crypto-enabled cybercrime has made authorities and the public wary. A 2024 UNODC/Chainalysis report revealed that a crypto marketplace based in Cambodia (Huione Guarantee) handled an estimated $49 billion in illicit crypto transactions since 2021 . High-profile scams and the country’s corruption issues have led regulators to clamp down and warn citizens. Finally, the need for stronger AML/CFT controls means stricter KYC and compliance – this deters casual users. In summary, while cryptocurrency awareness is rising, legal restrictions, infrastructure gaps, and concerns about fraud remain significant hurdles to Bitcoin becoming a mainstream payment or remittance tool in Cambodia.
Sources: Authoritative analyses, government statements, and local media reports were used. Key references include Chainalysis/Statista data on usage , Cambodian regulatory announcements , news coverage of exchange blocks , and Khmer-language press (Cambonomist) and surveys . All data and quotes are drawn from up-to-date public sources as cited.