Laos Licenses 2 Cryptocurrency Trading Platforms – Regulation Bitcoin News

The central bank of Laos has issued licenses for two cryptocurrency trading platforms. The Lao Digital Assets Exchange (LDX) and Bitqik are now the only two licensed entities that can offer full brokerage and trading services in cryptocurrencies and other digital assets in the country.

2 authorized cryptocurrency exchanges in Laos

Laos’ central bank, the 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 the Lao Digital Assets Exchange (LDX), a joint venture between AIF Group and Phongsupthavy Group. The second is Bitqik, a subsidiary of the Simuong Group.

The two companies are the only authorized and regulated entities in Laos that can offer full 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 rules.

BOL Governor Sonexay Sitphaxay said that the central bank had spent a lot of time and resources establishing a regulatory framework for cryptocurrencies, 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 of last year, the central bank of Laos issued a notice warning the public against the use of cryptocurrencies, including bitcoin and ether. The central bank explained that cryptocurrencies are not a real currency and are not regulated in Laos. The BOL also urged investors to consider the risks associated with cryptocurrencies before investing in them.

Nonetheless, Laos authorized cryptocurrency mining and trading in September last year. The prime minister’s office said at the time that six companies had been authorized to mine and trade cryptocurrencies as regulators worked to establish a comprehensive regulatory framework for cryptocurrencies.

What do you think about the central bank of Laos licensing cryptocurrency exchanges? Let us know in the comments section.

kevin helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in the security of Bitcoin, open source systems, network effects, and the intersection between economics and cryptography.

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