Laos Licenses 2 Cryptocurrency Trading Platforms

Crypto Exchanges Nov 24, 2022 0 75 Add to Reading List

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

2 Cryptocurrency Exchanges Authorized in Laos

Laos’ central bank, the Bank of the Lao P.D.R. (BOL), has reportedly issued licenses to two companies to trade in cryptocurrencies, local media reported Wednesday.

The first authorized 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 the Simuong Group.

The two companies are the only licensed and regulated entities in Laos that can offer full brokerage and trading services in cryptocurrencies and other digital assets. Both platforms are expected to provide full services in April. They will operate in full compliance with the central bank’s regulations.

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

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

In August last year, the Lao central bank issued a notice warning the public about the use of cryptocurrencies, including bitcoin and ether. The central bank explained that cryptocurrencies are not a real currency and are unregulated in Laos. The BOL also urged investors to consider the risks associated with cryptocurrencies before investing in them.

Nonetheless, Laos authorized the mining and trading of cryptocurrencies in September last year. The office of the prime minister said at the time that six companies had been authorized to mine and trade cryptocurrency while regulators worked to establish a full regulatory framework for crypto.