A regulator decides whether an innovation reaches the market long before any customer does. In Cambodia, the rails, the sandbox and the licensing path are already in place: since December 2024, tokenised securities and backed stablecoins have been open to banks and licensed providers with central bank approval, all under firm supervision. The Deputy Governor sets out how a central bank can act as a partner to the firms it supervises without loosening its oversight, and what founders and fellow regulators can expect when they bring a pilot to Cambodia to test, secure a licence and scale.