Lao Government Collects Revenues from Cryptocurrency

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Cryptocurrency.

The government has collected revenue from cryptocurrency companies through a trial of cryptocurrency mining, a new process for Laos.

Deputy Minister of Technology and Communications, Mr. Santisouk Simmalavong said at yesterday’s National Assembly sessions that the ministry has drafted regulations governing and regulating measures for conducting digital asset business in Laos, which previously warned against cryptocurrency mining and cryptocurrency trading, Pasaxon Newspaper reports

Deputy Minister of Technology and Communications, Mr. Santisouk Simmalavong speaking during the NA session.

Revenue from digital business has been made from three sources including fees of USD 500,000 for contract licenses, a tax levy based on the size of the electricity supply, and a tax derived from actual electricity use.

It is expected that cryptocurrency companies will be able to pay USD 111 million in government taxes each year.

The Bank of the Lao PDR (BOL) is directly responsible for managing and approving cryptocurrency trading and digital asset transactions.

Mr. Santisouk said that In the future, there will be individuals and legal entities involved in the mining of small cryptocurrencies.