Laos’ central bank has granted licenses for two cryptocurrency trading platforms. Bitqik (Lao Digital Assets Exchange) and Bitqik (Bitqik) are currently the only authorized entities to offer brokerage and trading in cryptocurrencies.
Laos has 2 authorized cryptocurrency exchanges
Laos’ central bank, the Bank of the Lao P.D.R. Local media reports that two companies have been granted licenses by the Bank of Lao P.D.R. to trade in cryptocurrency.
Lao Digital Assets Exchange, a joint venture by the AIF Group (and the Phongsupthavy Group), is the first licensed platform. Bitqik (a Simuong Group subsidiary) is the second.
These two entities are licensed and registered in Laos and can provide full trading and brokerage services for cryptocurrencies and digital assets. In April, both platforms will be able to offer complete services. They will operate in full compliance with the central bank’s regulations.
Sonexay Sitphaxay, Governor of BOL, said that the central bank has spent a lot time and resources in establishing cryptocurrency regulations, as well consulting the stakeholders and the government.
The central bank will now monitor the two licensed platforms’ activities to ensure investor protection and improve existing regulations.
Last August, Lao’s central bank sent out a notice to warn the public against the use of cryptocurrency, such as bitcoin or ether. According to the central bank, cryptocurrencies do not constitute a currency. They are also unregulated in Laos. BOL advised investors that they should consider the risk associated with cryptocurrency investments before making any investment.
Laos allowed the trading and mining of cryptocurrency in September 2017. At the time, the office of the prime Minister stated that six companies were authorized to mine and trade crypto while regulators work to create a complete regulatory framework.
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