Laos’ central bank authorises first two crypto trading platforms

The Bank of the Lao P.D.R. has issued licenses to two companies to trade in cryptocurrencies, Xinhua reported.

The first authorised platform is Lao Digital Assets Exchange (LDX), a joint venture between the AIF Group and the Phongsupthavy Group. The second is Bitqik, a subsidiary of construction and engineering company Simuong Group.

The two new exchanges are now the only licensed and regulated entities in Laos that can legally offer full brokerage and trading services in cryptocurrencies and other digital assets. Both platforms are expected to provide full services starting from April. They would operate in full compliance with the new regulatory framework for cryptocurrencies, central bank governor Sonexay Sitphaxay said

The central bank had put “a lot of time and resources” into establishing such a framework, consulting with the business community, stakeholders and government agencies on cybersecurity and client protection in order to ensure the “seamless and secure use” of digital assets, he added.

Starting with “monitoring phase“

The central bank will now monitor the two licensed platforms’ activities to ensure investor protection and improve existing regulations.

The approvals come as a complete policy U-turn from August last year when the Lao central bank issued a notice warning the public about the use of cryptocurrencies, including Bitcoin and Ether. At that time, the central bank explained that cryptocurrencies were “not real currency” and unregulated in Laos.

However, Laos authorised mining and trading of cryptocurrencies already one month later and approved six companies to mine and trade them, while regulators worked to establish a full regulatory framework for the crypto industry in the country which was eventually issued in November 2021.



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The Bank of the Lao P.D.R. has issued licenses to two companies to trade in cryptocurrencies, Xinhua reported. The first authorised platform is Lao Digital Assets Exchange (LDX), a joint venture between the AIF Group and the Phongsupthavy Group. The second is Bitqik, a subsidiary of construction and engineering company Simuong Group. The two new exchanges are now the only licensed and regulated entities in Laos that can legally offer full brokerage and trading services in cryptocurrencies and other digital assets. Both platforms are expected to provide full services starting from April. They would operate in full compliance with the...

The Bank of the Lao P.D.R. has issued licenses to two companies to trade in cryptocurrencies, Xinhua reported.

The first authorised platform is Lao Digital Assets Exchange (LDX), a joint venture between the AIF Group and the Phongsupthavy Group. The second is Bitqik, a subsidiary of construction and engineering company Simuong Group.

The two new exchanges are now the only licensed and regulated entities in Laos that can legally offer full brokerage and trading services in cryptocurrencies and other digital assets. Both platforms are expected to provide full services starting from April. They would operate in full compliance with the new regulatory framework for cryptocurrencies, central bank governor Sonexay Sitphaxay said

The central bank had put “a lot of time and resources” into establishing such a framework, consulting with the business community, stakeholders and government agencies on cybersecurity and client protection in order to ensure the “seamless and secure use” of digital assets, he added.

Starting with “monitoring phase“

The central bank will now monitor the two licensed platforms’ activities to ensure investor protection and improve existing regulations.

The approvals come as a complete policy U-turn from August last year when the Lao central bank issued a notice warning the public about the use of cryptocurrencies, including Bitcoin and Ether. At that time, the central bank explained that cryptocurrencies were “not real currency” and unregulated in Laos.

However, Laos authorised mining and trading of cryptocurrencies already one month later and approved six companies to mine and trade them, while regulators worked to establish a full regulatory framework for the crypto industry in the country which was eventually issued in November 2021.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

 

 

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