After delaying the opening of stock market in Cambodia for several years due to the global financial crisis in 2008, the Kingdom of Cambodia had launched the Cambodia Securities Exchange [CSX] in July 2009. It is a positive sign for starting the process of Cambodia’s market. But so far, Cambodia does not make e-trade law yet which is important for stock market.
Cambodia plans to pass an e-trade law by the end of this year and also appeals for the US-ASEAN Business Council to help finalize the draft law because it is very crucial for investors to do business in Cambodia, if without it, it is hard for the government to manage transactions online.
Investors will lose confidence in stock market if there is no an e-commercial law. In addition, the law is necessary to protect all investors’ data in the event of a system error or crash.
Commercial Minister Cham Prasidth said in a meeting of the US-ASEAN Business Council in Phnom Penh that all the transactions are processed electronically. If there is no an e-trade law, how to operate the stock exchange.
Ming Bankosal, Securities and Exchange Commission of Cambodia director-general, told local media that contracts could be drawn up between investors, securities firms and stakeholders in order to avoid loss in the event of a system crash.
He also added that “Even if our e-commerce law has not materialized, we are going to set a clear mechanism to deal with problems with the electric system.
The e-trade law will assist all Cambodia’s small to medium-sized enterprises in expanding their global target market and increasing their profit. It is one of the only tools which can help SMEs to sell their products around the world.
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