Laos Allows 2 Cryptocurrency Trading Platforms – Regulation Bitcoin News

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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 comprehensive brokerage and trading services for cryptocurrencies and other digital assets in the country.

2 cryptocurrency exchanges allowed in Laos

Laos’ central bank, Bank of Lao PDR (BOL), has reportedly issued licenses to two companies to trade cryptocurrencies, 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 the Simuong group.

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

BOL Governor Sonexay Sitphaxay said the central bank has spent a lot of time and resources in establishing a regulatory framework for cryptocurrency, 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 Laos issued a notice warning the public about 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 urged investors to consider the risks associated with cryptocurrencies before investing in them.

Nevertheless, Laos allowed cryptocurrency mining and trading in September last year. The Prime Minister’s Office said at the time that six companies had been licensed to mine and trade cryptocurrency as regulators worked to establish a comprehensive regulatory framework for crypto.

What do you think of the cryptocurrency exchanges authorized by the central bank of Laos? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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