According to local media, Laos’ central bank, the Bank of the Lao P.D.R. (BOL), has purportedly granted licences to two enterprises to deal in cryptocurrency.
- The Lao Digital Assets Exchange (LDX) is a joint venture between the AIF Group and the Phongsupthavy Group.
- Bitqik is a Simuong Group subsidiary.
The two firms are the only ones in Laos that are licenced and authorised to provide comprehensive brokerage and trading services in cryptocurrencies and other digital assets. Both platforms are planned to be fully operational in April. They will function in strict accordance with the norms of the central bank.
The central bank will now monitor the activity of the two regulated platforms in order to safeguard investors and strengthen existing laws.The Lao central bank published a notification in August last year warning the public about the usage of cryptocurrencies such as bitcoin and ether. According to the central bank, cryptocurrencies are not actual cash and are uncontrolled in Laos. According to the BOL, before investing in cryptocurrencies, investors should evaluate the dangers associated with them.
In September last year, Laos legalised cryptocurrency mining and trade. The prime minister’s office stated at the time that six businesses had been approved to mine and sell cryptocurrencies while regulators worked to build a comprehensive regulatory framework for cryptocurrencies.
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