On 18 May 2026, the Central Bank of Myanmar (“CBM“) issued new regulations governing offshore remittance business (the “2026 Regulations“), formally repealing the previous regulations, CBM Notification No. 21/2019 dated 15 November 2019 (the “2019 Regulations“). The 2026 Regulations significantly expand and refine the previous framework by introducing enhanced licensing requirements, strengthened AML/CFT compliance obligations, expanded reporting duties, and revised fee structures.

Key Differences from the Previous Framework:

Definition of Agents and Branch Offices: The 2019 Regulations defined agents and branch offices as entities appointed or established overseas. The 2026 Regulations fundamentally reverse this: representatives and branch offices are now defined as those appointed or established within Myanmar.

License Application Requirements: The 2026 Regulations introduce two notable changes.

  • First, applicants must now submit upfront evidence that their overseas partner companies or representatives hold valid remittance licenses in their respective countries.
  • Second, the threshold for shareholder criminal clearance has been expanded: whereas the 2019 Regulations required clearance only from shareholders holding 10% or more, the 2026 Regulations require clearance from all shareholders without a minimum threshold.

Revolving Fund & Account Limitation: The security deposit requirement remains unchanged at MMK 100 million. However, the 2026 Regulations introduce a new cap on revolving fund accounts, limiting license holders to a maximum of two bank accounts per country, whereas the 2019 Regulations imposed no such limitation.

Transfer Limits & Data Retention: The 2026 Regulations removed the transfer limits under the 2019 Regulations, which previously allowed only up to USD 1,000 per transaction and USD 5,000 per month for each person. Outward remittances must comply with the regulations of the sending country, and inward remittances must comply with CBM directives issued from time to time. All transaction records, regardless of amount, must now be retained for a minimum of five years.

AML/CFT Obligations: License holders must now establish –

  • formal written AML/CFT policies, conduct documented risk assessments based on geography, customer type and transaction method, maintain quarterly risk reports, and implement structured staff training programmes.
  • Financial institutions must also continue checking customers against the United Nations and Central Bank of Myanmar sanctions lists and must report any suspicious activities or transactions to the Financial Intelligence Unit.
  • License holders must verify and retain the identity and transaction details of individuals, NGOs, and INGOs, including personal or organizational information, contact details, transfer information, purpose of transfer, and transfer amount, based on original supporting documents.

License Fee Changes:

Types of FeesPrevious License FeesUpdated License Fees
Initial LicenseMMK 1,000,000MMK 3,000,000
AnnualMMK 100,000MMK 300,000
RenewalMMK 1,000,000MMK 1,000,000 (Remain Unchanged)
  • A license is valid for three years.
  • A license may be suspended if no business is conducted within three months of issuance or if the license holder fails to renew the license before three months prior to expiration.” into “A license may be suspended if no business is conducted within one year of issuance or if the license holder fails to renew the license before three months prior to expiration.”
  • A license may also be revoked if the license holder fails to comply with regulations and directives issued by the Central Bank of Myanmar.

Fines: The 2026 Regulations impose a maximum fine of MMK 10 million, applying specifically to failure to file suspicious activity and transaction reports. General violations remain subject to legal action under applicable laws.

Key Takeaways:

License holders should:

  • Review and update their record-keeping systems to ensure that all transaction records, regardless of amount, are properly retained for a period of five years.
  • Conduct an audit of their revolving fund bank accounts to ensure compliance with the newly introduced two-account-per-country limitation.
  • Review and strengthen their Anti-Money Laundering and Counter Financing of Terrorism policies, risk assessment procedures, and staff training programmes to align with the expanded requirements under the 2026 Regulations.
  • Update their Know Your Customer procedures to ensure that full verification is conducted for every transaction.
  • Obtain and submit criminal clearance certificates for all shareholders if such documents have not already been filed with the Central Bank of Myanmar.

The information provided here is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.

On 3 April 2026, the National Defence and Security Council enacted the Amendment to the Securities Exchange Law (Law No. 52/2026). The amendments substantially revise the Securities Exchange Law enacted by the Pyidaungsu Hluttaw in 2013 by introducing new market structures, new categories of regulated entities, a liberalised participation framework, and expanded compliance obligations. 

Key Amendments 

1. Introduction of New Market Structures and Regulated Entities

  • Pre-Listing Board which creates an intermediate market tier for companies that are not yet eligible for full stock exchange listing, providing them with access to capital while remaining under regulatory oversight. 
  • Derivatives Market which is a newly recognised market for trading contracts linked to securities, indices, interest rates, and foreign exchange rates.
  • Credit Rating Agencies are now expressly incorporated into the Commission’s supervisory framework. Critically, companies intending to offer loan contracts to the public must, prior to offering and selling, submit to the Commission a summary of information containing issuance details together with a rating provided by an agency determining the repayment capability. This makes engagement with a Credit Rating Agency a prerequisite for public debt issuances. 
  • Registration Advisory Company means the company authorized to operate advisory services to register companies in the Pre-Listing Board. Registration Advisory Companies are now expressly subject to Commission supervision.  
  • Collective Investment Schemes (CIS) covers pooled investment vehicles such as mutual funds, private funds, and trust funds. The Securities and Exchange Commission is now expressly empowered to regulate and approve CIS operations.

2. Expanded Licensing Scope 

A new Section 27(a) provides that any company wishing to conduct business related to other businesses designated as securities businesses by the Commission through a notification may apply to the Commission for a licence in accordance with prescribed standards. 

3. Procedural Changes for Public Offerings 

  • Debt securities: Before offering and selling loan contracts to the public, the issuing company must submit to the Commission a summary of information containing issuance details, together with a rating from a credit rating agency.
  • Other remaining loan contracts: A prospectus summary containing information related to the issuance must be submitted to the Commission before any public offering. 
  • Rights issues: For companies listed on the stock exchange that wish to offer securities through a rights issue to current shareholders in proportion to their holdings under the company’s articles of association, the offering letter must be submitted to the Commission in advance. 
  • Public disclosure: When offering to the public, the company must also publicly disclose a prospectus containing key information about the company together with its articles of association. 
  • The Commission retains a 60-day decision window for submissions under the loan contract and prospectus summary requirements. 

4. Foreign Participation Provisions 

A new provision provides that whether an individual citizen or a foreign national, or a company or organization, may be permitted to conduct securities exchange businesses in accordance with the prescribed standards. This provision creates a legal basis for foreign participation, subject to Commission discretion and standards yet to be prescribed.

5. Extended Confidentiality Obligations and Associated Penalties 

The amendment extends the confidentiality obligation to responsible persons and employees of all companies licensed to operate a securities exchange business, in addition to Commission members and staff. No such person may disclose, show, or publicly announce any information obtained while performing their official duties to any unrelated person. 

Any violation of this provision whether by a Commission member, Commission employee, or a responsible person or employee of a licensed entity is subject to imprisonment for up to three years, a fine, or both.

Practical Implications

  • Companies involved in securities business should review and update their internal policies and documents to align with the new law and terminology.
  • Public companies planning to raise funds need to adjust their processes, especially as debt offerings now require a credit rating and additional disclosure steps.
  • Businesses interested in operating new market platforms, such as pre-listing or derivatives markets, may benefit from easier entry but must comply with upcoming rules from the Commission.
  • Fund managers should prepare for the regulation of collective investment schemes, including possible licensing requirements.
  • Foreign investors now have a clearer legal basis to participate in Myanmar’s securities market, although further details are expected.
  • All employees of licensed entities should be aware of stricter confidentiality obligations, as breaches may result in serious penalties, including imprisonment.

The information provided here is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.

On 21 April 2026, the Union President established the Foreign Exchange Supervisory Committee (the “Committee“) to implement measures for stabilizing the foreign exchange rate and for the effective utilization of foreign currency in support of Myanmar’s economic development.

Committee Composition

The Committee is chaired by Vice President (1), U Nyo Saw and includes the Union Ministers of Finance and Revenue (Vice-Chairman), Commerce, and National Planning, Investment and Foreign Relations, as well as the Auditor General of the Union and the Governor of the Central Bank of Myanmar. This senior composition signals that foreign currency approvals will be handled at the highest levels of government.

Key Functions

The Committee is mandated to scrutinize and approve foreign currency for:

  • Importation of machinery, equipment, production supplies, and raw materials for investment and manufacturing enterprises;
  • Purchase and importation of essential goods, including fuel, medicines, edible oil, fertilizers, pesticides, and construction materials not available domestically;
  • Citizens travelling abroad for medical, educational, or religious purposes; importation of general goods; repayment of foreign loans and interest; payment of service fees; and repatriation of investment profits; and
  • Importation of consumer luxury goods, subject to essential importation necessity.

The Committee also has broad supervisory authority over foreign currency circulation for domestic and foreign investment enterprises, manufacturing, export/import, and service enterprises, including those in education and health.

Key Implications for Businesses

  • Businesses requiring foreign currency for imports, loan repayments, service fees, or profit repatriation will need to seek Committee approval.
  • The Committee’s oversight extends broadly across investment, manufacturing, trade, and service sectors.
  • Businesses and investors should carefully assess their foreign currency needs and ensure compliance with the approval requirements, while closely monitoring further regulatory developments and seeking legal advice as needed.

The information provided here is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.

The Accounting and Auditing Regulator (“ACAR“), under the Non-Bank Financial Services Authority (“FSA“) issued Instruction No. 0.11/26 on 10 March 2026, establishing formal procedures for enterprises and non-profit organizations ceasing business or operational activities. This directive ensures compliance with the Accounting and Auditing Law, addressing prior instances of incomplete notifications or misunderstandings of statutory obligations.

Key Obligations

Entities must maintain proper accounting records, prepare financial statements per applicable accounting standards, submit to independent audits where required, and file reports with ACAR within prescribed deadlines. Non-compliance risks administrative sanctions, underscoring the need for these clarified guidelines.

Submission Procedures

Entities shall submit a formal administrative letter to ACAR at least 60 days prior to the annual financial statement submission deadline, accompanied by the payment of service fee as per ACAR’s Public Service Announcement. Required attachments include: a copy of the Financial Reporting Identification Number (FIN) certificate; receipts confirming payment submitted with filing prior years financial report; a copy of outstanding financial statements (if any); and copies of cessation of business notifications to relevant authorities, if applicable.

Completion and Consequences

All delinquent financial statements from prior periods must be filed to finalize cessation approval. Failure to notify within the stipulated timeframe results in the entity being deemed operationally active, with continuing legal obligations.

Bookkeeping services, required to be undertaken by a licensed firm in Cambodia, are provided by Mekong Accounting Services Co., Ltd, a member of the DFDL group, a corporate member of the Kampuchea Institute of Certified Public Accountants and Auditors and licensed by the Accounting and Auditing Regulator of Cambodia.

Tabled for its first reading in the Malaysian Parliament on 4 March 2025, the long awaited Consumer Credit Act 2025 (“Act”) came into force on 1 March 2026, together with the establishment of the Consumer Credit Commission (“Commission”). With the aim of protecting the interests of credit consumers in Malaysia, the Act seeks to bring order to a historically fragmented sector by:

  • regulating all credit businesses and credit service businesses;
  • ensuring proper conduct and responsible lending practices by credit industry participants; and
  • promoting the development of a fair, efficient, and transparent credit industry. 

This alert seeks to draw down on the key takeaways from the Act.

Key Dates

1 March 2026: Date of Act coming into force

1 June 2026: Date when licensing and registration requirements for credit business providers and credit service business providers take effect

1 June 2026 to 31 December 2026: Transition period for industry participants to apply for licences or registration under the Act

Scope of regulation

In addition to establishing the Commission, the Act authorises the Ministry of Housing and Local Government to appoint a registrar of Islamic credit providers (“Registrar”). The Regulatory and Supervisory Authority under the Act consists of the Central Bank of Malaysia, the Securities Commission of Malaysia, the Ministry of Domestic Trade and Cost of Living, the Ministry of Housing and Local Government, and the Malaysia Co-operative Societies Commission. These authorities will exercise regulatory and supervisory powers over credit providers and credit service providers in their respective sectors.

With the aim of improving consumer protection and to clamp down on unlicensed operators, the Act establishes a single framework covering a broad range of credit businesses and credit service businesses. It brings previously unregulated sectors within scope by requiring providers to obtain a licence or register before commencing operations1.

The following are credit business2 and credit service businesses3 regulated under the Act:

Licensing, registration and oversight

The Act sets out the licensing and registration eligibility of credit businesses and credit service businesses, which extends beyond entities themselves to cover the individuals responsible for their control and management. Where licensing or registration is required, credit business providers and credit service business providers will have six months to comply with the respective licensing and registration requirements under the Act once the rules take effect, according to the Ministry of Finance. The licensing rules take effect on 1 June 2026.

To qualify for and maintain a licence or registration, applicants must meet a prescribed minimum financial threshold at all times and demonstrate that their controllers, directors, and senior management are “fit and proper”. The fit and proper test addresses three elements: (a) probity, personal integrity and reputation; (b) competence and capability; and (c) financial integrity. Although detailed regulatory standards have yet to be prescribed, the earlier consultation paper suggests that the assessment will likely take into account an individual’s qualifications, experience, and track record, as well as any concerns relating to past misconduct, financial soundness, or reputational risks arising from their business associations.

In defining who falls within the scope of these requirements, the Act deliberately takes a substance-over-form approach. “Senior management” is defined broadly to capture any individual charged with managing part of the business or holding decision-making authority, regardless of title. Explicitly included are the chief executive officer and chief financial officer, though the scope is intended to encompass all real decision-makers. The concept of “controller” is also defined widely, echoing ultimate beneficial ownership frameworks. Controllers may include:

  • shareholders who directly or indirectly hold at least 33% of the voting rights;
  • those who have the power to appoint or influence the appointment of a majority of the board; or
  • any person who has the power to make or cause decisions to be made regarding the business or its administration.

Where a controller fails to meet the fit and proper standard, the Commission has the power to require divestment of the relevant shareholding or for that person to otherwise cease exercising control within a prescribed period. The same principle applies to directors and senior managements who no longer meets the fit and proper standards. Further guidance is therefore critical for the industry to fully understand the operational and documentary requirements for licensing and ongoing compliance.

While licences and registrations under the Act are not subject to annual renewal, the Commission retains the right to revoke, suspend, or deregister a licence or registration in cases of non-compliance with the Act or its regulations, including non-payment of annual fees, failure to meet governance or reporting obligations, or failure of key personnel to maintain fit and proper status. This underscores the principle that regulation is an ongoing obligation, rather than a one-off approval.

Sale of credit service business

Under the Act, a registered credit service provider is required to obtain prior written approval of the Commission before it may sell, dispose, lease, assign or otherwise transfer the whole or any part of its credit service business to any other person; or amalgamate or merge its credit service business with any other person4.

Further, a registered credit service provider is prohibited under the Act from transferring or assigning its registration to any other person; or causing or permitting any other person to use its registration to carry on the credit service business specified therein5.

Consumer credit protection

The Act places a duty on credit providers and credit service provides to act in a fair, responsible, and professional manner. While the Act lays down the overarching obligation, the specific requirements are expected to be further detailed through regulations, guidelines, and sector-specific standards. These are anticipated to cover matters such as transparency and disclosure obligations, fairness of contractual terms, the imposition of interest, profit, fees or charges, advertising and promotional practices, fair debt collection standards, and measures to assist consumers facing financial hardship in meeting their obligations under a credit agreement. For sectors that were previously unregulated – such as debt collection, leasing services, and factoring services – this represents a fundamental shift, as they will no longer be free to impose terms unilaterally but must instead comply with a clear set of consumer protection requirements.

Another key safeguard under the framework is the requirement for non-bank credit providers to conduct affordability assessments before extending credit to individuals. Providers must ensure that borrowers have the financial capacity to fully repay their debts without suffering undue financial hardship over the duration of the credit facility. This measure is intended to promote responsible lending practices and to curb over-indebtedness, thereby strengthening consumer protection across the credit market.

Public Register of Licencees

Prior to the Act, members of the public who wish to verify whether a moneylender is properly licensed may do so by referring to the ikreditkom app. The Act now imposes a statutory obligation on the Commission to maintain and publish a list of all licensed credit providers and registered credit service providers under its purview6, thereby enhancing transparency and making it easier for consumers to identify legitimate, regulated operators.

BNPL under the Act

According to infographic published on the website of the Consumer Credit Oversight Board Task Force, BNPL has grown rapidly in Malaysia, with 140.4 million transactions worth RM12 billion recorded in the second half of 2025. As of the second-half of 2025, there were 7.5 million active BNPL accountholders, an increase from 5.1 million at the end of 2024. The total BNPL outstanding balance as at the second half of 2025 has grown to RM 4.9 billion, underscoring the need for stronger oversight.

To constitute a BNPL scheme, the Act requires for there to be “an arrangement, by whatever name called, entered into between a credit consumer and a third-party credit provider for the purchase of goods or services by the credit consumer from a seller where: (i) the third-party credit provider provides credit to the credit consumer; and (ii) the payment due by the credit consumer to the third-party credit provider is deferred and may be made in a single payment or by instalments in accordance with the terms and conditions of the arrangement.”

According to this definition, a BNPL scheme involves a tripartite arrangement comprising the buyer (credit consumer), the seller, and the credit provider (the entity providing the BNPL service). As such, if the credit is extended directly by the seller, such arrangements would technically not fall within the definition of a BNPL scheme under the Act. This distinction is important, as it separates BNPL arrangements from conventional credit sales, in which the extension of credit is intrinsically linked to the underlying sales transaction.

Conclusion

The Act is a significant first step towards bringing a broad range of previously unregulated sectors within a single, coherent regulatory framework. With regulatory guidelines and sector-specific standards to be issued, the full picture of compliance will continue to evolve. In the meantime, with licensing and registration requirements taking effect from 1 June 2026, industry participants should act promptly to assess their obligations, prepare for compliance and ensure that their governance and operational frameworks are ready for the new regulatory order.

The information provided here is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.

Footnotes

  1. Section 40(1) and Section 58(1) of the Act. ↩︎
  2. Schedule 2 of the Act. ↩︎
  3. Schedule 3 of the Act. ↩︎
  4. Section 73 of the Act. ↩︎
  5. Section 72 of the Act. ↩︎
  6. Section 76 of the Act. ↩︎

Overview

On 19 February 2026, the National Bank of Cambodia (“NBC”) issued the Prakas on Conditions for Asset Management Institution (“Prakas”). This Prakas establishes a comprehensive regulatory framework governing the licensing, operation, and supervision of Asset Management Institutions (“AMIs”), entities authorized to acquire and manage Non‑Performing Loans (“NPLs”) and associated collateral from banks and financial institutions (“BFIs”).

This development forms part of the NBC’s broader initiative to improve Cambodia’s NPL‑resolution ecosystem, as also reflected in public briefings that highlighted capital thresholds and governance expectations for AMIs.

Key Regulatory Features

Purpose and Scope

The Prakas aims to “establish a regulatory framework for Asset Management Institution through acquisition and management of Non‑Performing Loans and collaterals from Banks and Financial Institutions.”

It applies to:

  • AMIs; and
  • BFIs under NBC’s supervisory authority.
Key Definitions

The Prakas contains several important definitions, including:

  • Non‑Performing Loans: Loans classified as sub-standard, doubtful, or loss pursuant to the NBC’s 2017 Prakas on Credit Risk Grading and Impairment Provisioning.
  • Asset Management Institution: An NBC-licensed institution established specifically to manage NPLs under this Prakas.
  • Associated Collateral: Movable or immovable assets or rights attached to NPLs, including assets held by debtors or related third parties.
  • NPL Management Activities: Activities such as debt recovery, restructuring, transfer, debt-to-equity conversion, and other NBC-approved measures.
Licensing Requirements

Minimum Registered Capital

Applicants must have a minimum registered capital of 200 billion riels (approx. USD 50 million).
Additionally, 100% of this capital must be deposited into an account maintained by the NBC prior to operational commencement.

License Validity and Fees

  • Licenses are valid for five years, renewable upon application.
  • AMIs must pay an annual license fee of KHR 50 million (approx. USD 12,500).

Permitted Activities

AMIs are authorized to carry out the following activities:

  • Acquire and manage NPLs and associated collateral from BFIs.
  • Acquire immovable debtor property through court-ordered auction, provisional administration, or liquidation.
  • Provide debt collection services to BFIs.
  • Facilitate collateral sales with debtor consent.
  • Sell acquired loans to BFIs or other AMIs.

Prohibited Activities

AMIs may not:

  • Issue loans or refinancing products;
  • Provide loan guarantees;
  • Acquire NPLs from BFIs that have provided lending facilities to the AMI, directly or indirectly; or
  • Engage in any activity beyond the NPL‑management scope unless specifically approved by the NBC.
NPL Transfer and Debt Collection

The Prakas sets out a framework for the transfer of NPLs between BFIs and AMIs. AMIs must acquire NPLs through transparent, arm’s-length transactions at a price agreed between the parties. Upon acquisition, the AMI assumes all rights, title, interests, and obligations of the creditor, including the right to enforce claims against debtors and guarantors and to receive all associated collateral and security interests. AMIs are also subject to credit reporting obligations under the applicable Prakas on Credit Reporting. Any subsequent sale of acquired loans to BFIs or other AMIs requires prior approval from the NBC.

BFIs intending to dispose of NPLs to an AMI must obtain prior NBC approval, supported by a request letter, board resolution, NPL valuation documents, and any other documents required by the NBC. BFIs are further required to transfer all original loan documents to the AMI and to notify customers and the credit reporting service provider of the NPL transfer.

The Prakas also requires AMIs to establish a Code of Conduct governing debt collection activities that must adhere to the highest standards of professionalism and integrity and comply with applicable laws and regulations on consumer protection, data privacy, and professional secrecy. AMIs must further establish responsive mechanisms to resolve consumer complaints in accordance with the Prakas on Resolution of Consumer Complaints.

Regulatory and Market Context

Cambodia has seen a notable rise in NPL levels in recent years, drawing increased attention to overall banking sector stability and asset quality.

At the same time, policy direction from the NBC has emphasized market‑based and privately operated mechanisms rather than state‑led asset management companies. This approach aligns with broader efforts to support financial‑sector reforms, including work on bank resolution frameworks and the development of a deposit insurance system.

Within this context, the Prakas represents a significant step toward facilitating private‑sector participation in NPL resolution under a regulated and transparent framework.

Implications for Stakeholders

For Banks and Financial Institutions

AMIs provide a formal and regulated channel for transferring NPLs, which may help reduce balance‑sheet strain and improve prudential ratios.

For Prospective AMIs and Investors

Prospective AMIs and investors should note the following additional regulatory requirements under the Prakas:

  • AMIs must be registered as a Public Limited Company.
  • In addition to the 100% capital deposit requirement, AMIs must deposit 5% of registered capital as a capital guarantee into an account maintained with the NBC.
  • Any BFI seeking to acquire or hold equity interest in an AMI, whether directly or indirectly, must obtain prior written approval from the NBC.
  • AMIs must apply for license renewal at least 6 months prior to the expiration of the license.
  • The Prakas imposes detailed governance requirements, including a minimum of 5 board members (with at least 2 independent members), quarterly board meetings with agendas provided to the NBC in advance, and the establishment of compliance, internal audit, and legal functions. All board members and senior management appointments require prior NBC approval.
  • AMIs must also establish policies to manage conflicts of interest and implement whistleblower procedures for reporting compliance issues. Where an AMI intends to outsource any operational function, prior NBC approval is required, and the AMI remains fully liable for all acts of the outside service provider. The Prakas further imposes professional secrecy obligations on all board members, senior management, and staff, with sanctions for non-compliance under the Law on Banking and Financial Institutions. AMIs must maintain all transaction-related documents and records for a minimum of 10 years from the date of final resolution of the relevant NPLs.
  • AMIs are subject to quarterly reporting obligations (due by the 15th day of the first month of the following quarter), including financial statements prepared in accordance with CIFRS and reports on NPL portfolio and recovery. Audited financial statements must be submitted to the NBC by 30 April of the following year.
  • The Prakas establishes a sanctions regime, including daily fines for non-compliance (ranging from KHR 1,000,000 (approx. USD 250) to KHR 3,000,000 per day (approx. USD 750), and provides for license suspension or revocation where an AMI fails to commence operations within 6 months of licensing, violates applicable laws or regulations, becomes insolvent, or voluntarily ceases operations.

High capital thresholds and narrow business scope suggest a market open primarily to well-capitalized operators with specialized expertise in distressed‑asset management.

For the Broader Market

The framework is expected to improve NPL resolution efficiency and support overall financial sector stability, consistent with NBC’s long-term regulatory priorities.

The information provided here is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.

The Non‑Bank Financial Services Authority of Cambodia has introduced Prakas 093 on the Licensing and Management of Digital Asset Businesses on 30 December 2025. The Prakas applies to all activities relating to digital asset business for investment purposes and explicitly excludes the application to payment transactions involving digital assets or virtual assets conducted in Cambodia.

Key definitions outlined in the new regulation are:

“Digital Asset” referring to the Cambodia Financial Technology Development Policy 2023-2028, means valuable digital units created on distributed​​ ledger technology or similar technology or associated with a smart contract or contract in the various forms between digital asset holders and counterparts and can be traded or transferred, including Bitcoin. Digital Assets are classified as financial instruments and constitute a type of securities.

“Digital Asset Service Provider” means a company that has obtained a license from the Securities and Exchange Regulator of Cambodia (“SERC”) to conduct authorized digital asset business activities in accordance with this Prakas.

“Digital Asset Agent” refers to an individual employed by a Digital Asset Service Provider who is licensed by the SERC to perform the permitted activities set out under this Prakas.

Permitted Activities

A Digital Asset Service Provider is permitted to perform the following activities:

  • trading related activities: acting as central counterparty, providing brokerage services, operating trading platforms and derivative instruments, providing person-to-person trading platforms, providing investment advisory, creating and selling Digital Assets directly on the trading platform and marketing and advertising;
  • digital wallet related activities: custodial services and deposit, withdrawal and transfer related services between wallets, addresses and storage locations;
  • borrowing and lending activities: transferring Digital Assets from a lender to a borrower who must return the same type of Digital Assets to the lender pursuant to the contractually agreed terms between the lender and the borrower;
  • management related activities: administering and managing Digital Assets on behalf of the customers; and
  • other activities as permitted by the SERC.

A Digital Asset Service Provider must partner with a cash settlement agent authorized for securities-related transactions for any conversion of Digital Assets to cash or cash to Digital Assets.

Licensing Requirements

All Digital Asset Service Providers must obtain a license from the SERC before commencing operations. The initial license is valid for two years and, following renewal, the license is valid for three years, noting that the renewal application must be submitted to the SERC at least 60 days prior to the expiration of the existing license.

Prakas 093 sets out comprehensive licensing requirements in terms of capital, human resources and operational aspects. These include, among others:

  • having incorporated as a company in Cambodia;
  • having completed tax registration in Cambodia;
  • successful testing of IT systems, business models, products, or services relating to digital asset services in the securities regulatory sandbox environment;
  • proper management structure and allocation of responsibilities for each business model;
  • minimum capital of KHR 40,000,000,000 (approx. USD 10 million) for permitted activities (1), (3) and (4) and KHR 4,000,000,000 (approx. USD 1,000,000) for permitted activities (2);
  • for permitted activities (1), (3) and (4), at least one director, chief executive officer, head of control committee, finance manager, operation manager, risk control manager, audit and internal control manager, head of IT, head of each business unit, head of Digital Asset Agents and legal officer and Digital Asset Agents;
  • business guarantee deposit in the amount of 15% of the minimum capital paid to the SERC’s account;
  • a business plan covering three years from the date of submission of the application; and
  • policies relating to cybersecurity, data protection and customer privacy.
Ongoing Obligations
  • obtaining prior approval from the SERC for any specific changes such as changes of a corporate shareholder, corporate name, corporate form, board composition, registered address, articles of incorporation, merger, business transfer, suspension or cessation of any permitted digital asset businesses;
  • segregation of client assets;
  • compliance with anti‑money laundering and counter‑terrorism financing obligations;
  • adherence to fair‑dealing and disclosure requirements;
  • fulfillment of record‑keeping and reporting obligations; and
  • periodic audits and inspections conducted by SERC.
What’s Next for Digital Assets/Crypto Assets

This regulation will hopefully enhance the development of legal framework required for the exchange, trading and transfer of digital assets in Cambodia, following Prakas on Transactions Related to Cryptoassets issued by the National Bank of Cambodia on 26 December 2024 (click here for our client alert on this regulation).

Since Digital Asset Service Providers must cooperate with cash settlement agents for conversion of Digital Assets to cash and vice versus, cash settlement agents must be properly permitted by the National Bank of Cambodia to hold cryptoasset exposures. It is expected that the pending regulations regarding cryptoasset exposures by commercial banks should be issued by the National Bank of Cambodia over the coming months.

The information provided here is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.

On 31 October 2025, the State Bank of Vietnam (“SBV”) issued Circular No. 39/2025/TT-NHNN (“Circular 39”) on the opening and use of overseas foreign-currency accounts by institutional residents. Circular 39 takes effect on 15 December 2025 and replaces Circular No. 20/2015/TT-NHNN (“Circular 20”).

Set out below are the key developments under Circular 39 relating to economic organizations borrowing foreign loans.

1. Clearer guidance on the Term of the Permit

Circular 39 provides clearer guidance on the term of the permit for opening and using an overseas foreign currency account (the “Permit”) for foreign loan purposes.

Under Circular 20, the Permit’s term was tied to the validity of the foreign loan agreement, which could at times be inconsistent with the actual demand for maintaining the overseas foreign currency account.1 Circular 39 provides that the Permit’s term will be determined based on:

  • the period during which the borrower must fulfil its repayment obligations under the foreign loan agreement (including amendments); and
  • the validity of the relevant foreign-loan registration or registration amendment with the SBV (if applicable).

This change ensures better alignment between the term of the Permit and the borrower’s actual operational requirements.2

2. Use of a Single Overseas Foreign-Currency Account for Multiple Foreign Loans

Circular 39 expressly allows an economic organization to use a single overseas foreign-currency account for one or more foreign loans, whereas Circular 20 did not provide such flexibility. This change significantly reduces administrative formalities for large projects involving multiple cross-border loans.

3. Simplified and Expedited Administrative Procedures

Online submission: Circular 39 allows applications to be submitted online via the National Public Service Portal, in addition to in-person or postal submissions.

Shorter processing timelines:3
Circular 39Circular 20
Timeline for verification of application completeness3 working days from the date of receiptNo timeline specified
Timeline for requesting supplementation of dossier5 business days from the date of receipt7 business days from the date of receipt
Timeline for issuing the Permit10 business days after receiving complete and valid dossiers15 business days after receiving complete and valid dossiers

These expedited timelines also apply to applications for amendments to the Permit.

Reduced dossier requirements:4

For economic organizations borrowing foreign loans, Circular 39 requires only the following documents:

  1. the application (in prescribed form), and
  2. the agreement on the overseas foreign-currency account or other document evidencing the lender’s requirement for the borrower to open such account.

Circular 39 eliminates several document requirements that were previously mandated under Circular 20, including:

  • enterprise registration certificate, investment registration certificate, establishment and operation license, or equivalent licensing documents;
  • foreign loan agreement (where there is a separate agreement on the overseas foreign-currency account or separate document evidencing the lender’s requirement for the borrower to open such account); and
  • Explanation of changes and supporting documents (for applications to amend the Permit).

The information provided herein is for informational purposes only and does not constitute legal advice. Qualified legal counsel should be consulted for all specific situations.

  1. Article 5.2 of Circular 20 ↩︎
  2. Article 5.3 of Circular 39 ↩︎
  3. Article 9 of Circular 39 ↩︎
  4. Article 10 of Circular 39 ↩︎