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The Central Bank of Laos has issued licenses to two cryptocurrency trading platforms. Laos Digital Asset Exchange (LDX) and Bitqik are now the only two licensed entities to offer full brokerage and trading services for cryptocurrencies and other digital assets in the country.
2 Authorized cryptocurrency exchanges in Laos
The Bank of the Lao PDR (BOL), the central bank of Laos, has reportedly issued licenses to two companies to engage in cryptocurrency transactions, local media reported Wednesday.
The first authorized platform is Lao Digital Asset Exchange (LDX), a joint venture between AIF Group and Phongsupthavy Group. The second is Bitqik, a subsidiary of Simang Group.
The two companies are the only licensed and regulated entities in Laos that can provide cryptocurrency and other digital asset brokerage and trading services. Both platforms are expected to be fully serviced in April. They will operate in full compliance with central bank regulations.
BOL Governor Sonexay Sitphaxay said the central bank has devoted significant time and resources to establishing a regulatory framework for cryptocurrencies and 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.
Last August, the Central Bank of Laos issued a circular warning the public against the use of cryptocurrencies, including bitcoin and ether. The central bank explained that cryptocurrencies are not real money and are not regulated in Laos. The BOL also urges investors to consider the risks associated with cryptocurrencies before investing.
Nonetheless, Laos Authorize Mining and trading of cryptocurrencies last September. The Prime Minister’s Office said at the time that six companies had been authorized to mine and trade cryptocurrencies, while the regulator was working to establish a complete crypto regulatory framework.
What do you think of the Central Bank of Laos licensed cryptocurrency exchange? Let us know in the comments section below.
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