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Cambodia vs El Salvador

Crypto regulation comparison

← Back to map | Cambodia | El Salvador
Cambodia

Cambodia

El Salvador

El Salvador

Restricted
Legal

Cambodia has a restrictive stance on cryptocurrency. The National Bank of Cambodia prohibits banks and financial institutions from dealing in crypto, and unlicensed crypto businesses are illegal. However, the government has shown interest in blockchain technology and launched Bakong, a CBDC-like payment system.

El Salvador made history in September 2021 by becoming the first country to adopt Bitcoin as legal tender through the Bitcoin Law. However, under a January 2025 IMF agreement (Decreto 199), El Salvador amended the law to make Bitcoin acceptance by businesses voluntary rather than mandatory, and repealed several articles. There is no capital gains tax on Bitcoin. The CNAD regulates digital assets.

Tax Type Unclear
Tax Type No tax
Tax Rate N/A
Tax Rate 0%
Exchanges No No
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator National Bank of Cambodia (NBC), SERC
Regulator BCR (Banco Central de Reserva), CNAD (Comisión Nacional de Activos Digitales)
Stablecoin Rules Bakong (CBDC) promoted as alternative; private stablecoins not specifically regulated
Stablecoin Rules USD is the primary currency; Bitcoin-specific legislation in place
Key Points
  • NBC issued a 2018 directive prohibiting banks from dealing in cryptocurrency
  • Unlicensed crypto exchanges and trading platforms are banned
  • Bakong digital payment system launched in 2020 using blockchain technology
  • SERC (Securities and Exchange Regulator) has discussed regulating crypto as digital assets
  • Despite restrictions, peer-to-peer crypto usage remains significant
Key Points
  • First country to adopt Bitcoin as legal tender in September 2021 via the Bitcoin Law
  • Government developed the Chivo wallet for citizens, offering $30 USD in BTC incentive
  • January 2025 Decreto 199 made merchant Bitcoin acceptance voluntary (IMF condition)
  • No capital gains tax on Bitcoin transactions for individuals
  • Government has been accumulating Bitcoin reserves and launched Bitcoin-backed bonds
Sources
Sources