Laos Licenses 2 Cryptocurrency Trading Platforms – Regulation

The Central Bank of Laos has granted licenses to two cryptocurrency trading platforms. Lao Digital Assets Exchange (LDX) and Bitqik are now the only two licensed companies that can provide comprehensive brokerage and trading services for cryptocurrencies and other digital assets in the country.

2 Cryptocurrency Exchanges Licensed in Laos

Laos' central bank, the Bank of the Lao PDR (BOL), has reportedly granted cryptocurrency trading licenses to two companies, local media reported on Wednesday.

The first authorized 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 licensed and regulated entities in Laos that can offer full brokerage and trading services for cryptocurrencies 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 invested a lot of time and resources in creating a cryptocurrency regulatory framework and has consulted with the business community, stakeholders and government authorities.

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 Lao Central Bank issued a notice warning the public against the use of cryptocurrencies, including Bitcoin and Ether. The central bank explained that cryptocurrencies are not real currencies and are not regulated in Laos. The BOL also urged investors to consider the risks associated with cryptocurrencies before investing in them.

Still Laos authorized mining and trading cryptocurrencies in September last year. The Prime Minister's Office said at the time that six companies had been authorized to mine and trade cryptocurrencies as regulators worked to create a full regulatory framework for crypto.

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

Kevin Helms

As a student of Austrian economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the interface between economics and cryptography.

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