Two companies in Laos allowed to trade with cryptocurrencies


January 18, Fineko/ Laos has allowed two crypto exchanges to operate in the country.

ABC.AZ reports that the Central Bank of Laos has issued a permit for trading operations with cryptocurrency to Lao Digital Assets Exchange and Bitqik.

Both companies have become the first in the country to receive such a permit. They will start rendering full-fledged services with cryptocurrency in April. At that, trading platforms will be required to follow the regulatory requirements of the Lao government.

In November 2021, the Lao government approved cryptocurrency acquiring and trading on the territory of the country. Country’s authorities obliged the companies to be granted permission for this activity to make a deposit to the Central Bank of Laos in the amount of $5 million to confirm their solvency. In addition, the two companies are also required to pay a tax on the income received in the amount of 15%.

Last September, the Lao government endorsed the experimental use of cryptocurrency. Four construction companies, an IT company and the state bank JDB received experimental permission to mine cryptocurrencies and trade.