Laos allows operation of 2 crypto exchanges

The Central Bank of Laos has issued a permit for cryptocurrency trading to Lao Digital Assets Exchange and Bitqik, Report informs referring to TASS.

The companies were the first in the republic to receive such a permit. They will begin full-fledged provision of services with cryptocurrency in April. At the same time, trading platforms will be required to comply with the regulatory requirements of the Laos government.

In November 2021, the government of Laos approved the mining and trading of cryptocurrencies in the country. The country’s authorities have obliged companies that will be issued a permit for this activity to make a deposit in the Central Bank of Laos in the amount of $5 million to confirm their solvency. In addition, these companies are also required to pay a 15% income tax.

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