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Bank of the Lao PDR gives green light to JDB to launch cryptocurrency service

The Joint Development Bank (JDB) on Friday held a ceremony to announce that Bitqik Company Limited had been given approval in principle to hold a Crypto Exchange Business Licence after an agreement in principle had been granted for a cryptocurrencies exchange platform by the Bank of the Lao PDR.
The ceremony took place at the JDB Headquarters in Vientiane and was attended by the Governor of the Bank of the Lao PDR, Mr Sonexay Sithphaxay, Chairman of JDB’s Board of Directors, Mr Ekaphanh Phapithack, representatives of government bodies, and the boards of management of JDB, Bitqik Company Limited and SMG Group Sole Co., Ltd.

Representatives of government bodies, the boards of management of JDB, Bitqik Company Limited and SMG Group Sole Co., Ltd. attend the launch ceremony.

Director General of the Payment Systems Department at the Bank of the Lao PDR, Mr Soulysak Thamnuvong, who on behalf of the research committee reported the results of research and selection at the ceremony, more than 30 businesses had submitted proposals to launch cryptocurrency trading services.
With due consideration of the terms of cryptocurrencies trading trials, only two licensed crypto exchange platforms were given authority to operate in Laos, namely Bitqik Company Limited under the SMG Group Sole Co., Ltd. and JDB, while the second is a joint venture between the AIF Group and the Phongsubthavy Group.
Speaking at the ceremony, Chairman of JDB’s Board of Directors, Mr Ekaphanh Phapithack, said that setting up a company to provide cryptocurrency trading services is an opportunity to turn crisis into advantage by attracting money into Laos, contributing to the country’s development, and paying profit tax to the government.
Governor of the Bank of the Lao PDR, Mr Sonexay Sithphaxay, said that proper action must be taken to operate in accordance with the rules and conditions set by the government.
This is a new step by Lao investors to establish a cryptocurrency trading platform legally, under audit and management from the government, to ensure that investors are not at risk of being lied to.
It also enables people to invest with confidence in ways that the kip and other currencies, using a crypto platform via the banking system, can be conveniently traded in the very near future.


By Advertorial Desk
 (Latest Update January 18, 2022)


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