Items filtered by date: Friday, 08 December 2017
Friday, 08 December 2017 10:30

Crypto Currency is Prohibited in Cambodia

On the 5th of December 2017, the National Bank of Cambodia (NBC) announced that Crypto Currency like BitCoin and related instruments are not permitted by the laws, and the NBC does not recognize it. Crypto Currency advertisement and operation will put public at risk since it can be used as means for money laundering, financial termism and black market.  The NBC prohibits all banks and financial institutions from performing any transactions related to Crypto Currency and other related instruments, which is not recognized by the NBC.

Source: Letter issued by the National Bank of Cambodia on December 5, 2017.

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Ministry of Labor and Vocational Training has issued a Prakas on the registration of enterprise and employee in National Social Security Fund (NSSF) for all persons who are under the scope of the Labor Law of Cambodia. The Prakas aims at determining formality and procedure for registering enterprises, establishments and employees with Working Risk and Health Care Section of NSSF. It also obligates employers and owners of enterprise or establishment to register their entities with NSSF. Furthermore, employers and owners of enterprise or establishment have obligation to register employees with NSSF three days after the date of commencement of the work unless the employees have already possessed NSSF membership card. Non-compliance with this Prakas will result in penalty stipulated in Chapter five of Law on Social Security Fund.

Source: Prakas No. 448 on the Registration of Enterprises/Establishments and Employee in the National Social Security Fund (NSSF), dated the 10th of November 2017.

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