With the rise of new technological innovations such as blockchain and cryptocurrency, central banks around the world are actively experimenting and researching ways to implement the technology into their system.
Cambodia lags behind neighbouring countries in terms of local exchange adoption and regulation that governs the trading of cryptocurrency. However, with the adoption of Bakong utilizing blockchain technology, Cambodia becomes the first neighbouring country to provide a payment system in which customers, merchants, and financial institutions are connected into one secure platform.
RGX is the first “digital asset” exchange to be approved under the Securities and Exchange Regulators of Cambodia’s (SERC) sandbox regulatory framework. To encourage innovation within the fintech sector, SERC launched its sandbox scheme which enabled RGX to trial its product with real customers in a clearly defined and regulated environment for a specific time frame.
As the integration of cryptocurrencies into the world become more evident, RGX is pioneering the way for local Cambodians to be apart of this new digital era. With plans to launch RGX token and asset tokenization, RGX aligns itself with global trends in the digital landscape and positions the company to be at the forefront of innovation in Cambodia’s FinTech sector. However, as the first unregulated exchange, RGX will have to navigate through turbulent waters as it tackles government regulations, build consumer’s trust and confidence, and increased competition from international exchanges.
With access to over 100 cryptocurrencies, the exchange is built for the local population by utilizing Khmer into its user interface (UI), 24/7 support, educational academy. As financial literacy of trading and investing in digital assets is still nascent, this approach ensures ease of use, encourages participation, and builds trust among local users.
Platform still lacks necessary functions and needs certain user experience (UX) improvements for it to challenge Binance’s dominance over Cambodia’s crypto market.
