Vientiane (VNA) – The Bank of the Lao P.D.R (BOL) has issued licences authorising twocompanies to trade in cryptocurrencies, local daily Vientiane Times reported onJanuary 19.
The LaoDigital Assets Exchange (LDX), a joint venture between the AIF Group and thePhongsupthavy Group, and Bitqik, a subsidiary of the Simuong Group, are now theonly licensed and regulated institutions in Laos that can offer full brokerageand trading services in cryptocurrencies and other digital assets, both withinLaos and the region.
The twotrading platforms are expected to provide full services in April, in fullcompliance with the regulations of BOL in terms of cybersecurity and clientprotection, to ensure the seamless and secure use of digital assets.
BOL GovernorSonexay Sitphaxay said the central bank had put a lot of time and resourcesinto the regulatory and legal tender process, working with the businesscommunity and government-related agencies to ensure that investors areprotected and are confident about using licenced cryptocurrency exchange platformsin Laos.
The bankhas also put in place measures to mitigate risks to the economy that may arisefrom the trade in crypto assets.
BOL willwork closely with the two licenced exchange platforms and monitor theiractivities to protect investors and improve the existing regulations./.
The LaoDigital Assets Exchange (LDX), a joint venture between the AIF Group and thePhongsupthavy Group, and Bitqik, a subsidiary of the Simuong Group, are now theonly licensed and regulated institutions in Laos that can offer full brokerageand trading services in cryptocurrencies and other digital assets, both withinLaos and the region.
The twotrading platforms are expected to provide full services in April, in fullcompliance with the regulations of BOL in terms of cybersecurity and clientprotection, to ensure the seamless and secure use of digital assets.
BOL GovernorSonexay Sitphaxay said the central bank had put a lot of time and resourcesinto the regulatory and legal tender process, working with the businesscommunity and government-related agencies to ensure that investors areprotected and are confident about using licenced cryptocurrency exchange platformsin Laos.
The bankhas also put in place measures to mitigate risks to the economy that may arisefrom the trade in crypto assets.
BOL willwork closely with the two licenced exchange platforms and monitor theiractivities to protect investors and improve the existing regulations./.
VNA
