Background
The Securities and Exchange Regulator of Cambodia (SERC) administers a Digital Securities Sandbox that authorizes specified firms to trial tokenized securities under supervised conditions. On 21 May 2026, SERC leadership convened a roundtable discussion which included representatives from authorized sandbox firms and technical staff from the United States Department of the Treasury.
SERC is conducting a needs assessment for a technical-assistance project on real-world asset tokenization aimed at supporting economic development. Participants confirmed that the assessment will gather technical requirements from sandbox firms and international partners to inform possible regulatory or capacity-building responses.
Key Developments
The roundtable was led by H.E. Sou Socheat, Delegate of the Royal Government serving as Director General of SERC, and Mr. Khun Kimleang, Director of the Securities Intermediaries Supervision Department. United States Department of the Treasury delegates included Rachel Fedewa Irmen, Michael White, and Jasmine Sicular.
Companies granted authorization to enter SERC’s Digital Securities Sandbox and noted as participants in the meeting were Royal Group Exchange (RGX) Co., Ltd.; WnK System Co., Ltd.; XP Experience Point Co., Ltd.; CTX-98 Co., Ltd.; KMC Kinesis Money (Cambodia) Co., Ltd.; and Eurasia Digital Asset Exchange Co., Ltd. The SERC statement described the session as conducted “smoothly and fruitfully.”
Institutional Role
SERC convened the discussion as part of its role in supervising securities intermediaries and overseeing controlled testing arrangements for new market technologies. The regulator positioned the sandbox as a mechanism to collect operational data from market participants and to coordinate technical assistance with international partners.
Market Impact
The Digital Securities Sandbox provides a controlled environment for firms to pilot tokenization models and for regulators to observe operational, custody, and market-structure implications without full market roll-out. Outputs from the needs assessment are intended to inform SERC’s future policy choices and technical-capacity planning for tokenized real-world assets.
