Laos Green-Lights Cryptocurrency Trials

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In Brief
  • Laos gave the go-ahead for six companies to begin testing cryptocurrency in the country.

  • The comanies will be tasked with mining and trading in cryptocurrency.

  • Up until now, buying or trading cryptocurrrency is illegal in Laos.

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Six local companies in Laos received authorization from the Prime Minister’s office for trading and mining cryptocurrencies.

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The southeast Asian country granted authorization to six companies to take part in a cryptocurrency trial, according to the Laotian Times. The companies selected include Boupha Road-Bridge Design Survey Co., Joint Development Bank, Phousy Group, Sisaket Construction, Phongsubthavy Road & Bridge Construction Co., and Wap Data Technology Laos. Each are on trial for mining and trading digital currencies. Specifically Bitcoin, Ethereum, and Litecoin.

However, a notice from the Prime Minister’s Office added more companies to the previously named. The additional include: Phongsabthavy Bridge Construction Company Limited; Sisaket Integrated Construction Co., Ltd., Boupha Phatthana Construction and Bridge Survey and Design Co., Ltd., Joint Development Bank Limited and Phu Si Group Sole Proprietorship.

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This development comes as global governments gear up for more concrete crypto regulations.

Crypto On Trial

The next step entails several ministries in a partnerships with the Bank of Laos (BOL) and Electricite du Laos. The group includes the Ministry of Technology and Communications along with the Ministry of Finance, Ministry of Planning and Investment, Ministry of Energy and Mines, and the Ministry of Public Security

The team’s duty is “researching and determining the roles, rights, duties, and responsibilities of their respective parties to present to the Prime Minister-Deputy Prime Minister for consideration.” The next meeting for the trial project is on Sept. 16 and 17.

The move towards regulating cryptocurrency comes after a notice from the BOL in August 2021. It warned the public, for the second time, of trading unregulated crypto. The notice clarified that citizens of Laos are legally banned from trading cryptocurrency. Those who do, take a large investment risk. The BOL also warned about the volatility of the market and illegal activities linked to crypto.

Despite these warnings, local reports say that businesses still accept and advertise crypto as payment for goods and services.

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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