Authorities in Laos have officially authorized two licensed cryptocurrency exchange platforms to operate in the country.
The Bank of Laos (BOL) has granted their Agreement in Principle for Cryptocurrencies Exchange Platform to LDX (Lao Digital Assets Exchange Co.), a joint venture between AIF Group and Phongsupthavy Group, and to Bitqik, a subsidiary of Simuong Group.
The two platforms are the only licensed and regulated operators in the country allowed to provide full brokerage and exchange trading services for cryptocurrencies and other digital assets, with the aim of serving both Lao and regional customers.
According to a media release issued by AIF Group today, Both LDX and Bitqik platforms are expected to provide full services in April this year, and will fully comply with strict regulations in terms of cyber security and investment protection, ensuring the seamless and secure use of digital assets in Laos.
Many Lao residents have already started crypto mining and investing in digital assets, however, the exchange and trading of digital assets are currently using platforms outside of Laos and facing restrictions, risks, and are not compliant with regulations in Laos.
With the authorization of the two new licensed exchange platforms, qualified digital and crypto assets investors can now use local bank accounts rather than relying on overseas banks or credit cards when using trading platforms.