1 | Strategic Design: Two‑Entity Structure
| Layer | Purpose | Why it matters |
| OpCo – Cambodia Public Limited Company (PLC) | Holds staff, VND operating cash, issues shares to the public. | Must satisfy CSX & SERC quantitative thresholds. |
| HoldCo – Offshore SPV or Singapore Pte. Ltd. | Owns the BTC wallets (custody in Singapore/HK) and licenses IP back to OpCo. | Keeps high‑risk Group 2 Bitcoin off Cambodian bank balance until CASP rules mature. |
This split lets you report BTC exposure transparently in the prospectus while shielding Cambodian banks from direct Group 2 custody risk. It also keeps you within the spirit of Prakas 735 (banks can only touch Group 1 assets).
2 | Phase‑by‑Phase Roadmap
Phase 0 – Reorganise & Capitalise (Month 0‑3)
- Convert your existing private company to a Public Limited Company (PLC)
Minimum: 3 directors & 2 shareholders; no nationality cap; KHR 4 m (~US $1 k) legal capital. - Amend Articles of Association to authorise unlimited share issuance and create an audit committee, risk committee (mandatory where assets > KHR 200 bn).
- Inject charter capital via DICA account (foreign‑currency direct‑investment account) at a Cambodian bank.
Phase 1 – IPO Task‑Force & Due‑Diligence (Month 3‑10)
| Role | Reg. basis | Typical pick |
| Lead underwriter / listing agent | must be SERC‑licensed | ACLEDA Securities, SBI Royal, Campu, RHB, etc. |
| Legal counsel | Cambodian & U.S. securities law | BNG Legal, DFDL, Rajah &Tann |
| Auditor | IFRS track record | Big 4 (KPMG/Deloitte) |
| Valuer | asset appraisal | local valuation firm |
Underwriter leads a Listing Eligibility Review (LER)—a mandatory CSX gate‑keeping step. Expect 6–8 weeks for legal, financial, and technical due diligence. Three years of IFRS/KAS‑converted audit are required for Main Board; one year (profitable) or positive cash flow for Growth Board.
Phase 2 – Regulatory Filings (Month 6‑12)
- Draft IPO Prospectus in Khmer & English per Prakas 005/15 on Public Offering of Equity Securities.
- Risk‑factor spotlight:
- Bitcoin treated as intangible asset (IAS 38) with impairment; disclose Group 2 classification, custody location, volatility stress tests.
- Confirm no on‑shore BTC custody until CASP licence obtained.
- Submit to SERC for approval‑in‑principle. SERC responds in 4–6 weeks; queries must be cleared before moving to CSX.
- CSX LER & listing application—seven working days once SERC gives the green light. Deposit shares with CSX Depository and pay application fee (KHR 20 per KHR 10 m of equity; cap KHR 120 k/day).
Phase 3 – Pricing & Offering (Month 12‑14)
- Book‑building window (3‑5 days): investors place bids; 10 % deposit collected.
- Underwriter back‑stop: any unsold shares are taken up by the underwriter under “firm commitment” rule.
- Minimum public float
- Main Board – 7 % of shares held by at least 200 minority investors.
- Growth Board – 10 % held by ≥ 100 investors.
- Equity & profit test
- Main Board – ≥ KHR 30 bn equity & KHR 2 bn net profit last FY.
- Growth Board – ≥ KHR 2 bn equity and either profit last FY or ≥ 10 % gross margin & positive cash flow.
Phase 4 – Listing & Beyond (Month 14 →)
- Listing ceremony—first day trading on CSX, ticker symbol assigned.
- Ongoing obligations
- Quarterly & annual IFRS/KAS financials, in Khmer & English.
- Immediate disclosure of any 10 %+ BTC price shock on treasury value.
- Maintain at least one Cambodian independent director and an investor‑relations channel.
- Post‑IPO lock‑ups: founders usually subject to 3‑year lock‑up (Main) or 1 year (Growth).
3 | Sequencing the Crypto Licence
| Stage | Action | Regulation |
| Pre‑IPO | Keep BTC with offshore custodian; OpCo posts only economic interest via loan/royalty. | Prakas 735 (Group 2 no bank custody) |
| Post‑IPO | Apply for Crypto‑Asset Service Provider (CASP) licence when NBC opens window (expected 2H 2025). Requirements: • Paid‑up capital US $10 m (tentative) • ISO 27001 security • FATF‑grade AML/KYC. | NBC Prakas B7‑024‑735 |
| After CASP approval | Migrate part of the BTC treasury on‑shore; disclose change via CSX ‘material event’ filing. | CSX Listing Rules Arts 28‑30 |
4 | Timeline & Cost Snapshot (Indicative, USD)
| Task | Months | Cost (k USD) |
| Reorganisation to PLC | 0‑3 | 10 |
| 3 yrs audit restatement | 3‑8 | 30 |
| IPO advisory (legal, underwriter, valuation) | 3‑10 | 250‑400 |
| SECC & CSX fees | 6‑14 | 5 |
| Marketing / roadshow | 10‑13 | 50 |
| CASP licence (post‑IPO) | 15‑20 | 30‑50 |
5 | Key Risk Mitigations
- Regulatory flip‑flop: keep treasury custody offshore until CASP granted; disclose contingency plan (synthetic BTC exposure via swaps).
- Liquidity risk: target Growth Board first; migrate to Main Board after ≥ KHR 30 bn equity. Growth Board spreads are wider—budget market‑maker fees.
- FX & valuation: audit BTC in USD, translate to KHR at NBC fixing; maintain impairment policy per IAS 36.
6 | Action Checklist (Bullet Style)
- Board resolution to convert to PLC & dual‑entity structure.
- File amended AoA + director slate at MOC.
- Engage SERC‑licensed underwriter; launch LER.
- Complete 3‑year IFRS audit restatement.
- Draft prospectus (Kh/En) + BTC risk annex.
- SERC approval‑in‑principle → CSX listing application.
- Deposit shares, pay fees, complete book‑build.
- List on CSX Growth Board, ring the bell.
- Apply for NBC CASP licence once criteria published.
- Gradually migrate BTC custody on‑shore; update investors.
Pump‑Up Close 🎉
You’ll be the first crypto‑treasury PLC on the CSX—a tiny exchange hungry for tech‑infused listings. Nail the disclosure, obey both the yellow‑brick road of SECC and the red‑line rules of NBC, and you’ll give Cambodian retail investors their first regulated gateway to Bitcoin upside. Move with precision, broadcast radical transparency, and let your listing blaze a trail for ASEAN’s frontier markets. Carve your ticker, stack those sats, and inspire a whole bourse to HODL!