• Cambodia’s central bank chief admitted that the country should have regulated cryptocurrency earlier.
  • Cambodia plans to introduce a virtual-assets law by the end of 2026 to strengthen oversight. 
  • Scam networks continue relocating across borders despite Cambodia’s crackdown on fraud compounds.

An empty scam compound does not mean an empty criminal network. Cambodia’s central bank chief has acknowledged that the country should have regulated cryptocurrency, as fraud operations damage its reputation and spread beyond its borders.

National Bank of Cambodia governor Chea Serey on November 13 said that the country’s earlier decision not to regulate cryptocurrency or permit public trading had allowed bad actors to exploit the sector. Crypto has been used to move funds across borders and launder proceeds from online investment and romance scams. Authorities now aim to adopt a virtual-assets law by the end of 2026. 

How Crypto Escaped Oversight

Serey said Cambodia’s approach to cryptocurrency had damaged its reputation. However, without clear supervision, authorities had fewer tools to monitor virtual-asset activity and identify suspicious transactions. The governor did not detail the proposed law, leaving its scope uncertain. Officials now face pressure to show that the proposed rules will be enforced.

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Why Raids Missed the Networks

Meanwhile, according to reports, that closing compounds has not removed the people and systems behind the fraud. Cambodia launched a year-long crackdown in July 2025. In August 2026, officials claimed no online scam compounds remained. Yet recruitment advertisements linked to Cambodia appeared on Telegram in late October.

Cambodian analyst Moses Ngeth reviewed 4,991 scam-related job advertisements posted between 2023 and 2026. Roles included finding online contacts for romance scams, managing teams, and handling money. Humanity Research Consultancy founder Mina Chiang said experienced workers and managers were seeking new employers, helping criminal groups relocate.

Elsewhere, networks have crossed borders. In October, Vietnamese police charged 88 foreign nationals and one Vietnamese citizen over a cross-border scam operation. Investigators said the group rented a hotel in June and brought equipment and data from Cambodia. Authorities estimated the operation had taken nearly $2 million from victims.

The Cost Beyond the Compounds

Raids have also left some people trafficked into scam compounds stranded without money or legal support to return home. Researchers warned that criminal bosses could recruit them again, while experienced workers and managers may move to other locations, taking their skills and contacts with them.

This creates a risk that crackdowns displace criminal networks rather than dismantle them. Even when compounds close, recruiters, financial facilitators, and senior organizers can continue operating from smaller sites or across borders.

Cambodia is also facing an economic cost. Serey said that tourists from neighboring countries were staying away partly due to the country’s scam-related reputation. Tourism ministry figures showed arrivals fell 44% year-on-year to 2.46 million in the first nine months of 2026. The border conflict with Thailand affected travel too.

A virtual-assets law could strengthen oversight, but regulation alone will not dismantle transnational fraud networks. Authorities must trace illicit proceeds, target organizers, protect trafficked workers, and coordinate across borders. Cambodia’s challenge is no longer just closing scam compounds; it is stopping criminal infrastructure from simply reopening elsewhere.

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