trade cryptocurrency

SEAfann · Post by **SEAfann** » Tue Aug 24, 2021 8:08 am

hi, does anyone have any experience with trading crypto on exchanges like Binance, Bitstamp & Bitfinex etc while in the Kingdom? also are the local Banks ok with handling earnings from crypto trading? i have read a license is now needed to trade crypto in Cambodia, has anyone obtained the license & if so how much & where would i obtain said license, & finally what would be the taxation on earnings from crypto trading? any info will be appreciated thanks

Khmer_Risotto · Post by **Khmer_Risotto** » Tue Aug 24, 2021 9:01 am

In no way, shape, or form should your local Cambodian bank have the slightest inkling that you are buying/selling/trading cryptocurrencies or they will close your account nearly instantly.

mcam · Post by **mcam** » Tue Aug 24, 2021 9:26 am

Don't withdraw directly from Binance to your local bank account. It is not allowed and they will close your account. Use P2P on there and you should be fine.

Doc67 · Post by **Doc67** » Tue Aug 24, 2021 9:43 am

mcam wrote: ↑Tue Aug 24, 2021 9:26 am Don't withdraw directly from Binance to your local bank account. It is not allowed and they will close your account. Use P2P on there and you should be fine.

Sooner or later the P2P traders who use ABA are going to get found out and closed. Maybe they can open a new account and move on from there. But what about all the historical trades you may have done with them? Are the bank going to start closing accounts of people trading with them?

One for you @Mr.November ?

Pseudonomdeplume · Post by **Pseudonomdeplume** » Tue Aug 24, 2021 10:24 am

SEAfann wrote: ↑Tue Aug 24, 2021 8:08 am hi, does anyone have any experience with trading crypto on exchanges like Binance, Bitstamp & Bitfinex etc while in the Kingdom? also are the local Banks ok with handling earnings from crypto trading? i have read a license is now needed to trade crypto in Cambodia, has anyone obtained the license & if so how much & where would i obtain said license, & finally what would be the taxation on earnings from crypto trading? any info will be appreciated thanks

@Sean Penn, yes, I do. And you need to be careful of the rules, particularly those not stated, and instead they encourage you to utilise their escrow. If your trade is unsuccessful, you will still be nailed for $10 or so. Even if it is not your fault. As happened to me, twice (so the 2nd time is my fault) with LocalCryptos (I warned them I would sing it from the rooftops).

Darkcel · Post by **Darkcel** » Tue Aug 24, 2021 10:34 am

It's definitely possible, I have a few Khmer friends with mining rigs here and know of two businesses that offer investments and returns for helping purchase graphics cards.

There was a bar called coincafe that traded Bitcoin (it was around in 2019, owner was deported but wife still ran it) and there's a fella with a ponytail who hangs out and purchases crypto for cash

rogerrabbit · Post by **rogerrabbit** » Tue Aug 24, 2021 1:45 pm

Darkcel wrote: ↑Tue Aug 24, 2021 10:34 am It's definitely possible, I have a few Khmer friends with mining rigs here and know of two businesses that offer investments and returns for helping purchase graphics cards.

There was a bar called coincafe that traded Bitcoin (it was around in 2019, owner was deported but wife still ran it) and there's a fella with a ponytail who hangs out and purchases crypto for cash

They do mining here, really? I wonder how much can you make here with these electricity prices and the hardware really not that cheap either.

Kammekor · Post by **Kammekor** » Tue Aug 24, 2021 1:58 pm

Darkcel wrote: ↑Tue Aug 24, 2021 10:34 am It's definitely possible, I have a few Khmer friends with mining rigs here and know of two businesses that offer investments and returns for helping purchase graphics cards.

There was a bar called coincafe that traded Bitcoin (it was around in 2019, owner was deported but wife still ran it) and there's a fella with a ponytail who hangs out and purchases crypto for cash

Mining, no problem, albeit not economically viable unless you use illegal power.
Sending and receiving money from binance etc etc through you Cambodian bank account - no go.
Buying and selling cash - no problem

The answer to OP's question is no. Use a foreign bank account in your name, not a Cambodian account.

SEAfann · Post by **SEAfann** » Tue Aug 24, 2021 2:30 pm

thanks for all your advice guys, the pic below is where i trade crypto, im not just after buying some crypto and sitting on it, i am an experienced trader

offroadscholar · Post by **offroadscholar** » Wed Aug 25, 2021 9:23 am

Given Cambodian Banks aversion to crypto transactions, is there much of a liquid market here for stable coins (USDC etc) if I want to sell for USD fiat ?

Reason to do this is to simply bypass the banking system in transferring dollars from my home country into Cambodia. Only modest living expenses amounts, around $3-5k every few months.

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