Lao central bank issues licenses for cryptocurrency exchange platforms

Vientiane, Jan 19 (IANS) Lao central bank, the bank of Lao PDR, has issued licenses authorising two companies to trade in cryptocurrencies.

The companies are the Lao Digital Assets Exchange (LDX), a joint venture between the AIF Group and the Phongsupthavy Group, and Bitqik, a subsidiary of the Simuong Group.

LDX and Bitqik are now the only licensed and regulated institutions in Laos that can offer full brokerage and trading services in cryptocurrencies and other digital assets, both within Lao and the region, Xinhua news agency reported citing the daily Vientiane Times on Wednesday.

The two trading platforms are expected to provide full services in April, in full compliance with the regulations of the BOL in terms of cybersecurity and client protection, to ensure the seamless and secure use of digital assets.

The Governor of the Bank of the Lao PDR, Sonexay Sitphaxay, said the central bank had put a lot of time and resources into the regulatory and legal tender process, working with the business community and government-related agencies to ensure that investors are protected and are confident about using licensed cryptocurrency exchange platforms in Laos.

The bank has also put in place measures to mitigate risks to the economy that may arise from the trade in crypto assets.

BOL will work closely with the two licensed exchange platforms and monitor their activities to protect investors and improve the existing regulations, according to the report.