Vientiane (VNA) – The Bank of the Lao P.D.R (BOL) has issued licences authorising two companies to trade in cryptocurrencies, local daily Vientiane Times reported on January 19.

The Lao Digital Assets Exchange (LDX), a joint venture between the AIF Group and the Phongsupthavy Group, and Bitqik, a subsidiary of the Simuong Group, are now the only licensed and regulated institutions in Laos that can offer full brokerage and trading services in cryptocurrencies and other digital assets, both within Laos and the region.

The two trading platforms are expected to provide full services in April, in full compliance with the regulations of BOL in terms of cybersecurity and client protection, to ensure the seamless and secure use of digital assets.

BOL Governor Sonexay Sitphaxay said the central bank had put a lot of time and resources into the regulatory and legal tender process, working with the business community and government-related agencies to ensure that investors are protected and are confident about using licenced cryptocurrency exchange platforms in Laos.

The bank has also put in place measures to mitigate risks to the economy that may arise from the trade in crypto assets.

BOL will work closely with the two licenced exchange platforms and monitor their activities to protect investors and improve the existing regulations./.