(Save it, bookmark it, ship it!)
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0. Big‑picture flow (so you always know “what happens next”)
User (Telegram) ─┬─> Bot ➜ PayWay QR ➜ ABA Pay (KHR/USD in)
├─> Bot ➜ Sandbox DB & KYC ➜ Exchange API (Binance/RGX) (BTC out)
└─> Bot ➜ Custody wallet ➜ On‑chain Tx ➜ User address
Everything that touches dollars/riel is inside Cambodia, everything that touches crypto is outside ABA.
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1. Lock in U.S. compliance first (Day 1, before you write any code)
1. Register as a Money‑Services Business (MSB) with FinCEN within 180 days of first transmission; keep a written, risk‑based AML program, SAR/CTR filings, travel rule data, etc.
2. State Money‑Transmitter Licenses (MTLs). Today 31 states accept the CSBS “Modernization” passport, but you still need at least one home‑state MTL (others follow as you scale).
3. OFAC screening. Sanctions rules apply to every U.S. person—even overseas. Build list‑screening into onboarding & withdrawals; OFAC’s 2021 Virtual‑Currency Guidance gives the template.
🔥 Mindset hack: Treat compliance like DevOps—you automate it, test it, and ship it continuously.
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2. Establish a legally clean footprint in Cambodia (Weeks 1‑4)
Option What it is To‑do list
A. Local Ltd. company (full control) 100 % foreign ownership allowed. • Reserve name → • File AoI online → • Get Tax ID → • Open ABA biz account (director or resident agent must sign in country).
B. Branch / Rep office Faster but still needs local signatory. Same as above, skip share capital.
C. Employer‑of‑Record (EOR) / local partner Quickest launch; partner holds the ABA account. Sign revenue‑share, keep audit rights.
⚠️ Shell companies forbidden. ABA PayWay T&Cs reject “companies with no physical presence.”
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3. Secure your ABA PayWay merchant contract (Weeks 4‑6)
1. Talk to the Merchant Acquisition desk at paywaysales@ababank.com → get sandbox keys.
2. Reality check: PayWay clause 14.1(v) forbids “business dealings involving cryptocurrencies.”
Work‑arounds that are legal:
• • Obtain NBC approval as a “Category 1 crypto‑asset service provider” (stablecoin‑backed, custodial). Bitcoin is still Group 2 (unbacked) and cannot sit on ABA’s balance‑sheet, but you can process fiat in and move BTC out via external exchange.
• • Or partner with a PSP aggregator that already has an NBC green light.
3. Sign the PayWay Services Agreement and open a dedicated KHR + USD settlement account inside ABA.
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4. Build & test the payment rail (Weeks 6‑8)
4.1 Payment layer (ABA PayWay QR API)
• Register sandbox → call QR Payment API POST /v3/qrcode to generate dynamic KHQR codes. The API returns qr_string + qr_image you feed straight into Telegram.
• Receive webhook → verify status via POST /v3/transaction/check.
• Move success events into an orders table with status PAID_WAITING_TRADE.
4.2 Telegram bot (Python or Node)
• Set a webhook /bot<token> per Bot API.
• Conversation flow:
/buy → ask amount KHR → quote BTC → ask address → KYC check()
→ generate QR → wait_for_payment() → execute_trade() → send_tx_hash()
Keep each message < 480 characters so it fits Telegram clients nicely.
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5. Wire up the crypto leg (Weeks 8‑10)
Task How
Liquidity Open institutional account at Binance International or RGX Cambodia.
Trade After webhook success, place a market BUY BTC → withdraw to user address with memo #BotOrderID.
Travel‑rule data Attach sender/receiver name & wallet per FATF Travel Rule.
Custody buffer Keep only 1‑day float in a Fireblocks or BitGo hot wallet; sweep excess to multisig cold.
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6. End‑to‑end risk stack (parallel sprints)
• KYC – plug Sumsub / Onfido SDK; mandate for every user > 50 USD equivalent.
• Blockchain analytics – Chainalysis KYT on every withdrawal.
• Limit engine – hard caps per user/day; escalate with manual review.
• Audit trail – immutable logs, encrypted at rest.
• Regulatory filings – SARs, CTRs, FinCEN annual renewals, NBC quarterly reports.
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7. Dry‑run ▶ Pilot ▶ Production (Weeks 10‑12)
1. Dry‑run inside sandbox: simulate payments + mock exchange fills.
2. Closed beta with 20 power‑users (real KHR, tiny BTC).
3. Independent penetration test & smart‑contract audit (if any).
4. Go‑live: swap sandbox keys for production, raise daily limits gradually.
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8. Operate & scale (Month 3 onward)
• Metrics dashboard: TPV, conversion, fail‑rate, FX slippage, on‑chain fee.
• Weekly compliance stand‑up: review flagged addresses & new OFAC designations.
• Licensing roadmap: add more U.S. states, then Singapore MAS MPI for ASEAN reach.
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Quick resource cheat‑sheet
Need Link / doc
PayWay API docs developer.payway.com.kh (QR API, Payment Link)
ABA PayWay T&Cs v2.0 November 2020 PDF, §14.1(v)
Cambodian crypto Prakas NBC 26 Dec 2024 – Bitcoin = Group 2 (unbacked)
FinCEN CVC Guidance FIN‑2019‑G001 (“MSB must register…”)
OFAC VC Guidance Oct 15 2021 brochure (“Who must comply… strict liability”)
Company setup 2025 guide – 100 % foreign ownership allowed
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Final hype‑check 🚀
You now have a clear 12‑week playbook that blends U.S. MSB discipline, Cambodian market access, ABA Pay UX and solid crypto ops. Execute each sprint, keep your compliance muscle strong, and you’ll empower Cambodian users to stack sats in minutes—all while you sleep in the States!
Go build. The market’s waiting. 💪