Laos Licenses 2 Cryptocurrency Trading Platforms – Regulation Bitcoin News

The Central Bank of Laos has issued licenses for two cryptocurrency trading platforms. Lao Digital Assets Exchange (LDX) and Bitqik are now the only licensed entities that can offer full brokerage and trading services in cryptocurrency and other digital assets in the country.

2 Authorized cryptocurrency exchanges in Laos

Local media reported Wednesday that Laos’ central bank, the Bank of the Lao People’s Democratic Republic (BOL), has issued licenses to two companies to trade in cryptocurrency.

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

The two companies are the only authorized and regulated entities in Laos that can offer full brokerage and trading services in cryptocurrency and other digital assets. Both platforms are expected to offer full services in April. They will operate in full compliance with Central Bank regulations.

BOL Governor Sonexay Sitphaxay said the central bank has put a lot of time and resources into creating a regulatory framework for cryptocurrencies, consulting with the business community, stakeholders and government agencies.

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

In August last year, the Central Bank of Lao issued a notice warning the public against using cryptocurrencies, including bitcoin and ether. The central bank clarified that cryptocurrency is not a real currency and is not regulated in Laos. BOL also urged investors to consider the risks associated with cryptocurrencies before investing in them.

However, Laos allowed cryptocurrency mining and trading in September last year. The Prime Minister’s Office said at the time that six companies were allowed to mine and trade cryptocurrency while regulators were working to create a full regulatory framework for cryptocurrency.

What do you think of the Central Bank of Laos licensing cryptocurrency exchange? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been a missionary ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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