Cambodia’s authorities have maintained a cautious approach to Bitcoin and cryptocurrencies. In 2019 the National Bank of Cambodia (NBC) and finance ministry warned the public and effectively banned unlicensed crypto trading . Since then officials have cracked down on foreign exchanges – in Nov 2024 the telecom regulator blocked access to 16 offshore crypto platforms (e.g. Binance) for operating without local licenses . In parallel, regulators have worked to develop local alternatives (e.g. Royal Group Exchange) under strict oversight.
By early 2025 the NBC began formalizing crypto rules for banks and payment firms. A January 2025 Prakas split digital assets into two groups: Group 1 (“tokenized securities” and approved stablecoins) and Group 2 (“other crypto-assets,” including Bitcoin) . Banks may invest in or hold Group 1 assets (subject to NBC approval and exposure limits) but cannot directly hold Group 2 assets . Notably, banking regulators clarified that while Cambodian banks cannot carry Bitcoin on their books, they may be permitted (with NBC approval) to provide crypto-related services – e.g. exchange on‐ramping, custody or remittance conversions – for clients . In short, the government is steering crypto activity toward regulated onshore channels, emphasizing consumer protection, anti‑money‐laundering and riel currency stability while keeping unbacked tokens like Bitcoin tightly controlled.
Key regulatory actions (2019–2025):
- 2019: NBC/finance ministry issues ban on all unlicensed crypto transactions .
- 2022–2024: SERC (securities regulator) negotiates fintech sandboxes (including MoUs with Binance) but crypto remains heavily restricted.
- Nov 2024: Telecom Regulator blocks 16 foreign crypto exchanges for lack of license .
- Jan 2025: NBC publishes first digital‐asset framework: banks/payment firms may handle tokenized securities/stablecoins, but personal Bitcoin remains in “Group 2” (restricted) .
Cambodia’s regulatory tone is therefore not a full ban – rather a tight, controlled embrace. The focus is on oversight and financial inclusion (for example, integrating crypto into the Bakong payment system to boost the riel), not on encouraging speculative Bitcoin investment. This environment means Bitcoin startups must navigate careful licensing, but it also signals that crypto activity (especially Bitcoin) is not automatically outlawed – local regulated use is the goal.
Bitcoin Mining Potential
Cambodia does not currently offer the low-cost, cold-climate conditions favored by large Bitcoin miners. Industrial electricity rates are high (around USD 0.14–0.16 per kWh) – among the highest in Southeast Asia – compared to roughly $0.07–0.12 in neighbors like Vietnam and Thailand . Electricity supply itself is uneven: the grid is aging and suffers frequent surges and outages . In short, power is neither cheap nor 24×7 reliable, which raises mining costs. At the same time Cambodia’s climate is tropical (hot/humid year-round), meaning miners would pay extra for cooling, further eroding profitability.
On the positive side, Cambodia has abundant renewable resources that could support eco-friendly mining in the future. The government aims for ~70% of electricity from renewables by 2030 . Solar capacity is especially promising: Cambodia enjoys about 8 hours of strong sunshine daily and has “some of the richest solar resources in Southeast Asia” (~8 kWh/m²/day) . Large-scale solar or hydropower projects could eventually provide cheaper, carbon‐neutral power to data farms. Politically, Cambodia is relatively stable and mining poses no obvious regime risk (no recent coups or wars). But the current combination of high power cost and infrastructure limits means that, as of 2025, Cambodia is not a top choice for industrial-scale Bitcoin mining.
Mining factors: Cambodia’s political stability is moderate (long‐term one‑party rule with no internal conflict), and land/rent costs can be low (rural areas for data centers). However, the country’s electricity is expensive (~$0.14/kWh vs ~$0.08/kWh in Vietnam) and the grid is outdated . Its tropical climate (average temperatures ~27°C) imposes heavy cooling costs. In contrast, the ample sunlight (8 kWh/m²/day) and growing renewables (solar, hydro) could, in future, provide abundant green power for mining. For now, though, Cambodia’s infrastructure disadvantages (expensive, unreliable power) outweigh its geographic solar edge.
Local Use: Commerce, Remittances, and Savings
Cambodia already has one of the fastest-growing crypto user bases in Asia. By late 2024 it ranked 17th globally in crypto adoption according to Chainalysis . Roughly 530,000 Cambodians (≈3% of the population) are projected to hold cryptocurrencies by 2025 . This community skews very young: over two‐thirds of crypto users are under 25 . In practice, Cambodian use of Bitcoin and crypto is driven largely by peer-to-peer transfers and remittances. Many Cambodian workers abroad (in Thailand, Malaysia, etc.) send money home via P2P crypto channels, attracted by lower fees. For example, a blockchain remittance platform (SBI-Ripple) launched in 2021 to connect Cambodia and other Asian markets . In 2019 Cambodian migrants sent ~$1.5 billion in remittances (≈6% of GDP) , highlighting a strong use case for cheap Bitcoin transfers if they can be legally used.
The local payment infrastructure also hints at crypto readiness. Cambodia’s Bakong digital wallet (a blockchain-based domestic payments system) has seen explosive use. Launched in 2020, Bakong reached about 5.9 million users and $2 billion in transactions by late 2020 , and by 2024 over 65% of the population was using it . This success shows Cambodians are comfortable with phone-based crypto ledgers and QR‑code payments. Critically, Bakong has also increased use of the Cambodian riel (versus the US dollar): currently over 80% of transactions in Cambodia are in USD , but projects like Bakong (and proposed crypto sandboxes) explicitly aim to shift volume into the riel for national stability.
However, real‐world Bitcoin spending remains limited. Cryptocurrency is rarely used at shops or official commerce outlets, largely due to regulatory caution. Instead, most crypto-holding Cambodians treat Bitcoin as a store-of-value or for cross-border transfers. Surveys suggest only a small fraction of Cambodians use crypto frequently: a 2022 poll found ~10.6% had ever used it, but only about 0.6% used it regularly . The majority remain unbanked (≈70% of adults ) and rely on cash or mobile wallets (e.g. Wing, TrueMoney) for daily payments. For many of these unbanked, a future where Bitcoin (or stablecoins) could serve as digital savings or remittances is plausible – but today usage is still mostly in informal P2P circles.
Example (table): The chart below summarizes Cambodia’s crypto market size and adoption compared to its population.
| Metric | Cambodia | Source |
| Global crypto adoption rank (2024) | 17th globally | Chainalysis report |
| Crypto users (2025 forecast) | ~530,000 (≈3% pop) | Chainalysis/Market analysis |
| Crypto market size (2025 revenue) | ~$7.5 million | Industry forecast (USD) |
| Bakong wallet penetration (2024) | >65% of population | NBC/Bakong statistics |
| Unbanked adults | ~70% (≈12 million people) | Central Bank data |
These figures illustrate a paradox: high interest, low spending. Cambodia’s youth are keen on crypto (rank #17 by adoption ), but actual on‑ramps to use Bitcoin for daily needs are few. Much of the value flow is in remittances or cross-border transfers, where crypto’s low fees could help. By encouraging local crypto exchanges (RGX, CNX) and possibly integrating crypto rails into payment apps, Cambodia may boost practical usage over time.
Startup and Investment Opportunities
Cambodia’s burgeoning fintech scene offers entry points for Bitcoin-related ventures – provided regulatory hurdles are managed. The startup ecosystem is small but growing (roughly 150–180 startups as of 2024, many in fintech/tech) . Investment and innovation focus strongly on digital payments and e‑commerce. The government has even set up fintech sandboxes and events: for example, Cambodia hosted the “Fintech Revolution Summit” in 2025, signaling a national push on financial technology (though mainly on mobile wallets and AI, not crypto per se).
For Bitcoin specifically, the most obvious opportunities lie in payments and remittance services. A licensed crypto exchange or payment app could leverage Bitcoin (and Lightning) to move money cheaply between Cambodia and its neighbors. Many Cambodian workers in Malaysia and Thailand need low-cost remittance channels; a Bitcoin wallet or Lightning-based service (combined with on/off ramps to local currency) could disrupt traditional money-transfer companies. Indeed, a Franco-Vietnamese business plan has pointed out that a Vietnam–Cambodia Bitcoin corridor could capture P2P remittance flows by bypassing costly banks . While Vietnam is only now formalizing crypto rules (June 2025 law) , Cambodia’s willingness to allow licensed Crypto Asset Service Providers (exchanges, wallets) means a Cambodia-based startup could serve both markets under careful licensing.
Other niches include micro‐payments and content services. The Lightning Network (Bitcoin’s layer-2) enables near-instant, tiny payments (on the order of cents) with very low fees . In Cambodia’s digital economy (where mobile gaming and e-commerce are rising), a Lightning-powered wallet could let users make micropayments for online services, streaming, or even charitable donations. As an example of Lightning’s power: research notes that while Bitcoin’s blockchain handles ~7 tx/sec, Lightning can handle ~1,000,000 tx/sec off‑chain , with bundled settlement to minimize fees . A Cambodian startup could integrate Lightning with Bakong or existing mobile wallets to offer novel apps (e.g. pay-per-article, IoT payments, or vending machines accepting Bitcoin).
Local institutional investment is also trickling in. Traditional players (banks, telecoms) have shown interest: several local banks hold stakes in RGX, and global players like SBI and Ripple have launched services in Cambodia . Moreover, Cambodia offers incentives for tech firms (e.g. tax breaks for exporters), and international funds are eyeing Southeast Asian fintech. A licensed Cambodian crypto fintech could also tap into regional liquidity: for instance, managing riel-backed stablecoins or providing custody services to Cambodian users under NBC supervision. In summary, although early-stage, Cambodia’s startup-friendly policies (especially post‑2024 fintech initiatives) mean there are openings for Bitcoin/Lightning fintechs – primarily in payments, remittances, and merchant services – once the licensing path is clear.
Public Sentiment and Adoption Trends
On the ground, Cambodian public opinion about Bitcoin is mixed but skewing positive among youth. A key factor is Cambodia’s young, tech-savvy populace: the median age is only ~26 years , and digital adoption is very high. For instance, by 2023 total mobile internet subscriptions exceeded the country’s 17 million population, and about 65% of Cambodians use social media . In other words, Cambodians are already digital consumers. Many are curious about crypto as a way to save or transact without banks: one fintech CEO noted that the population is “mostly young and comfortable using mobile phones,” which helped Bakong’s rapid uptake .
Grassroots and industry efforts reflect growing crypto interest. Phnom Penh hosts active crypto meetup groups: e.g. a “Phnum Pénh Bitcoin Meetup” has nearly 1,000 members, and there are local blockchain/Ethereum meetups with hundreds of participants . Professional organizations have also sponsored blockchain workshops – for example, a EuroCham “Crypto & Blockchain 101” session in Aug 2024 and a French Tech talk in Oct 2024 covering “fundamentals of Bitcoin” . These events indicate that entrepreneurs and young professionals are educating themselves about crypto, even if mainstream media remains guarded.
That said, public sentiment among the broader population is cautious. Frequent warnings from authorities about crypto risk and scams have tempered adoption. Many Cambodians have heard government messages equating cryptocurrency with fraud or volatility. This is reflected in usage patterns: despite the high awareness, only a small share actively transacts in Bitcoin. In short, Bitcoin is often seen as a speculative asset or a hobby for the tech-savvy, rather than everyday money.
Key grassroots indicators: Community surveys and user data hint at this dynamic. For example, one late-2022 survey found ~10.6% of Cambodians had ever used cryptocurrency, but only about 0.6% used it regularly in transactions . Meanwhile, informal P2P platforms thrive quietly (e.g. local Telegram and Facebook groups), often denominated in dollars and riel. Public forums discuss crypto enthusiastically, yet the majority remain cautious – especially older and rural people who lack financial literacy or reliable internet.
In sum, Cambodian public interest in Bitcoin is real and growing – but remains niche and urban. The country’s young digital population, high mobile penetration , and active meetup communities all suggest a foundation for future growth. With ongoing education (e.g. through meetups and industry talks) and improved regulatory clarity, grassroots adoption may expand. For now, Bitcoin usage is primarily among early adopters and remittance senders, not yet a mass-market phenomenon.
Unique Geopolitical and Economic Factors
Several special factors give Cambodia a distinctive position in the Bitcoin landscape:
- Digital‐economy push: The government’s Digital Cambodia initiatives (2021–2035) and recent digital workshops (e.g. UNESCO-backed digital transformation labs ) have fostered a tech-friendly environment. Cambodia aims to leapfrog into digital payments (Bakong) and AI, which means blockchain literacy is being promoted even if cautiously.
- Dual-currency economy: Cambodia is heavily dollarized (~80% USD use ). Bitcoin (being inherently USD-denominated) appeals to people seeking a stable store-of-value outside local politics. At the same time, authorities want to boost the riel via Bakong and local crypto platforms, making Cambodia a unique “testbed” for currency-tech strategy.
- Demographics: With a median age ~26 and ~65% social media penetration , Cambodia’s population is young and tech‐adaptable. High smartphone adoption and mobile banking (32M mobile subscriptions vs 17M people) mean digital financial services can spread rapidly once introduced.
- Remittance and unbanked market: Over half of Cambodians are unbanked , and migrant remittances are a major economic inflow (~$1.5B/year) . This “real need” for affordable cross-border payments is a catalyst: crypto remittance can bypass traditional fees, which is why Cambodians are comparatively quick to try P2P crypto channels.
- Geography and resources: Cambodia’s location in Southeast Asia links it to larger crypto-active markets (Thailand, Vietnam, Laos). Its plentiful solar resources offer a potential green energy future, though not yet fully realized. Compared to crowded data-harsh neighbors, Cambodia has cheap land and fewer regulations on outdoor mining, which could attract niche solar‑powered mining if policies evolve.
- Political stability: Cambodia has been politically stable (no coup or conflict since the 1990s transition), which lowers risk for tech investment. Investors note that despite governance issues, “hard” factors like electricity and rule-of-law are more pressing than upheaval. (Cambodia still faces governance sanctions, but crypto entrepreneurs see the situation as relatively predictable.)
In combination, these factors suggest Cambodia could carve out a niche crypto ecosystem. The strong policy focus on digital inclusion and riel stability means Bitcoin’s future role will intertwine with national goals. For example, integrating Bitcoin on-ramps into Bakong or using stablecoin rails for remittances could align with the riel-strengthening agenda. The youthful demographic and high mobile penetration mean that once clear paths are opened (through licensing and education), adoption could accelerate.
In summary, Cambodia’s great future for Bitcoin would hinge on balancing cautious regulation with innovation: leveraging its growing digital society, addressing remittance needs, and tapping renewable energy potential, all under a stable (if controlled) political system. The sources above show a rapidly evolving environment: by late 2025, observers expect Cambodia to remain watchfully progressive on crypto, with unique advantages that could position it as a regional hub for Bitcoin-based services .
Sources: Information synthesized from Cambodian central bank announcements, industry analyses, news reports, and fintech research . All data and events are current as of mid-2025.