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In Laos, two exchanges that are licensed by the central bank to conduct cryptocurrency transactions are LDX and Bitqik. These two exchanges have a full range of brokerage services, trading cryptocurrencies and other digital assets in the country.
Information on which central bank of Laos authorizes the two exchanges to conduct all crypto-related activities was released on January 19, 2021.
The first is the Laos digital asset exchange (LDX), a joint venture between AIF Group and Phongsupthavy Group. The second is Bitqik, a subsidiary of Simuong Group.
These two platforms ensure the full provision of all functions related to trading of cryptocurrencies and other digital assets. And in particular, both will comply with the regulations of the Central Bank.
As shared by BOL governor Sonexay Sitphaxay, the central bank has spent a lot of time and resources to establish a regulatory framework for encryption. The organization has also consulted with the business community, stakeholders and government agencies to be able to come up with appropriate regulations.
It is known that these two platforms operate under the supervision and implementation of central bank regulations. This is to ensure the interests of investors as well as to help the two exchanges operate more efficiently.
Laos Allows Mining and Trading of Cryptocurrencies
Previously, in August, the central bank of Laos issued a notice warning the public about the use of cryptocurrencies, including bitoin and ether.
The central bank explained that cryptocurrencies are not real currencies and are not regulated in Laos. The BOL also urges investors to consider the risks associated with cryptocurrencies before investing in them.
However, Laos allowed cryptocurrency mining and trading last September. The prime minister’s office said at the time that six companies had been allowed to mine and trade the digital currency.
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