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Laos

Retail_Trading_Status

Allowed-Regulated Unknown
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Status Changed

Previous status: Gray-Zone

The shift in the assessed status of retail cryptocurrency trading in Laos from "Gray-Zone" in the Previous Analysis to "Allowed-Regulated" in the New Analysis stems primarily from a different interpretation and weighting of the available evidence, particularly concerning the operational impact of the government's pilot program and the licensing of specific exchanges. Here's a detailed justification for the differences: 1. **Interpretation of the Pilot Program's Scope for Retail:** * The Previous Analysis characterized the pilot program as "primarily focused on a limited number of licensed entities rather than establishing a clear framework for widespread retail trading by individual citizens." It emphasized the underdeveloped legal framework for *comprehensive* retail trading, leading to the "Gray-Zone" conclusion, suggesting individuals might still operate in an ambiguous space, especially via international platforms. * The New Analysis, while acknowledging the pilot nature and evolving framework, places greater emphasis on the fact that the licensed entities *include exchanges specifically authorized to offer trading services to the public*. The licensing of Lao Digital Assets Exchange (LDX) and Bitqik in January 2022, and their mandate to provide brokerage and trading services, is seen as creating a formal, albeit controlled, channel for retail participation. The New Analysis highlights that the LDX website explicitly allows individuals to register accounts, deposit funds, and trade. This direct accessibility for retail users through licensed domestic platforms is a key factor for the "Allowed-Regulated" status. 2. **Definition and Threshold for "Regulated":** * The Previous Analysis seemed to define "regulated" as requiring a comprehensive, fully mature, and explicitly detailed framework covering all aspects of retail trading, similar to more developed markets. The lack of this, coupled with FATF criticisms about the overall VASP framework, supported the "Gray-Zone" status. * The New Analysis adopts a view where the existence of a government-sanctioned pilot program, with specific ministerial decisions (No. 888 and No. 777) and the licensing of exchanges under BOL oversight, constitutes a regulated environment, even if it's still in a trial phase and not yet all-encompassing. The key is that there are *rules* and *licensed entities* through which retail trading is permitted and overseen, however nascent that oversight might be. 3. **Emphasis on Licensed Exchanges as a Pathway for Retail:** * The Previous Analysis acknowledged the licensed companies but downplayed their immediate significance for the *average individual retail trader*, focusing more on the high capital requirements for operators and the overall lack of specific retail consumer protection. * The New Analysis gives more weight to the practical implication of these licensed exchanges (LDX and Bitqik) being operational and accessible. The Xinhua news report cited in the New Analysis explicitly states these platforms "are now the only licensed and regulated institutions in Laos that can offer full brokerage and trading services...both within Lao and the region" and are expected to comply with BOL regulations on cybersecurity and client protection. This directly implies a regulated avenue for retail trading. 4. **Evolutionary Perspective:** * The New Analysis more strongly frames the situation as an evolution from past bans and warnings towards a regulated system. While the Previous Analysis notes the shift, its conclusion still leans towards the lingering ambiguity for individuals. The New Analysis sees the pilot and licensing as a decisive, albeit initial, step towards formalizing retail access within a regulated structure. 5. **Addressing Ambiguity vs. Controlled Access:** * "Gray-Zone" (Previous Analysis) suggests significant legal ambiguity and a lack of clear permission or prohibition for individuals. * "Allowed-Regulated" (New Analysis) suggests that while the system isn't fully open or mature, there is a clear, legally sanctioned pathway for individuals to trade cryptocurrencies through specific, government-approved and overseen entities. The "allowed" part comes from the existence of these licensed exchanges offering services to individuals, and the "regulated" part comes from the pilot program's rules and the oversight by BOL and MTC. In essence, the New Analysis concludes that because the Lao government has explicitly licensed specific exchanges (LDX, Bitqik) under a pilot program and these exchanges offer services to individual retail traders, the activity is no longer in a "Gray-Zone" of unclear legality. Instead, it is "Allowed" through these "Regulated" channels, even if the broader regulatory framework is still developing and has limitations noted by bodies like the FATF and IMF. The focus shifts from the *absence of a comprehensive retail framework* to the *presence of a specific, licensed retail pathway*.

Analysis ID
#383
Version
Latest
Created
2025-06-26 12:48
Workflow Stage
Live

Executive Summary

Retail trading of cryptocurrencies in Laos is permitted, but strictly confined to platforms that have obtained official licenses and are subject to regulation. While the nation has established foundational regulations and a pilot program for digital assets, Laos is currently in the nascent stages of building a comprehensive regulatory framework for cryptocurrencies. Significant challenges persist, particularly concerning the full understanding of associated risks and the establishment of effective supervisory mechanisms.

Key Pillars

  • Licensing and Regulation of Platforms: Retail crypto trading is explicitly allowed only through platforms that have been officially licensed and are under the purview of regulatory bodies, notably the Bank of the Lao PDR (BOL) and the Ministry of Technology and Communications (MTC).

  • Pilot Program for Digital Asset Transactions: The government initiated a pilot program to experiment with digital asset activities, including both crypto mining and trading, under a controlled environment. This program is intended to inform the development of future regulations.

  • Risk Mitigation and Investor Protection: The regulatory efforts aim to mitigate risks to the economy and protect investors by imposing requirements on licensed platforms, such as cybersecurity measures, client protection protocols, capital requirements, and cooperation with commercial banks for payment duties.

  • Ongoing Regulatory Development: Laos is actively working towards developing a more comprehensive regulatory framework. This involves inter-agency coordination (including the Ministry of Finance, Ministry of Planning and Investment, Ministry of Energy and Mines, and Ministry of Public Security) to research and draft rules, though significant gaps remain in areas like risk understanding and effective supervision.

Landmark Laws

Ministerial Decision on Experimenting with Digital Asset Transactions No. 888.MTC
- Authority: Ministry of Technology and Communication (MTC)
- Date: November 9, 2021
- Summary: This decision established the main rules for a three-year pilot program for crypto asset activities, encompassing both crypto mining and crypto trading. It defined "digital assets" and set out initial conditions for operators to ensure safety, reliability, and protection of users' interests.

Ministerial Decision on the Trial Operation of Cryptocurrency Trading Platform No. 777.BOL
- Authority: Bank of the Lao PDR (BOL)
- Date: December 15, 2021
- Summary: This decision specifically focuses on regulating cryptocurrency trading platforms during the trial period. It outlines principles, regulations, and measures for stable and secure crypto trading, emphasizing management, risk management, and protection of service users' rights. It also sets out substantive requirements for trading platforms, including capital requirements (e.g., USD 10 million registered capital with a USD 5 million deposit with BOL), and mandates partnership with commercial banks. The BOL issued licenses to two companies, Lao Digital Assets Exchange (LDX) and Bitqik, in January 2022, authorizing them as the only licensed and regulated institutions for full brokerage and trading services within Laos and the region.

Considerations

  • Asset Classification: The Lao PDR has not provided a specific legal definition of cryptocurrencies. However, based on general principles of Lao tax law, cryptocurrencies are likely classified as intangible assets. If a crypto asset provides a contractual right to receive cash or another financial instrument, it might be classified as a financial asset.

  • Taxation: The taxation of cryptocurrency transactions is not explicitly addressed in Laotian tax laws. However, general principles of income taxation apply, meaning gains or profits from cryptocurrency transactions are subject to income tax under the progressive income tax system (5% to 25%). The government has also imposed specific royalty and lump-sum taxes on licensed trading platforms and mining operations. There have been reports of unpaid taxes from crypto operators, leading to the government offering a 50% reduction in tax debt due to plummeting cryptocurrency prices.

  • Prohibition for Unlicensed Activities: While regulated trading is allowed, the Bank of the Lao PDR has consistently warned against buying, selling, or using cryptocurrency for transactions outside of the licensed framework, deeming such practices illegal. Financial institutions are generally prohibited from engaging in or encouraging unauthorized cryptocurrency transactions.

  • Loan Suspension for Crypto Businesses: As of January 2023, the Bank of the Lao PDR suspended loans to cryptocurrency businesses to reduce financial risk and maintain financial stability.

Notes

  • Pilot Program Limitations: The initial pilot program authorized six companies for mining and trading, but the Ministerial Decision 777 specifically limits the number of licensed crypto trading platforms to two entities under the pilot to allow the BOL to adequately supervise their operations.

  • FATF Concerns: An August 2023 mutual evaluation report by the Financial Action Task Force (FATF) identified significant gaps in Laos's virtual asset regulation, noting that neither firms nor the government fully understood the risks posed by virtual assets. The report also highlighted limited risk mitigation measures for money laundering and terrorist financing, and a lack of supervision for the virtual asset sector.

  • Early Stages of Development: Despite the existing regulations and pilot programs, Laos's regulatory framework for cryptocurrencies is considered to be in its early stages of development, with ongoing efforts to strengthen it, particularly in areas of data protection and comprehensive risk management. The authorities are encouraged to deepen domestic coordination and cooperate with foreign regulators.

Detailed Explanation

Laos has taken a cautious yet progressive stance on retail cryptocurrency trading, establishing a regulatory environment that permits such activities exclusively through officially licensed and supervised platforms. As of June 2025, the nation remains in the early phases of developing a comprehensive regulatory framework for digital assets, reflecting a commitment to managing risks while exploring the potential benefits of this emerging sector. The cornerstone of Laos's regulatory approach is the explicit requirement for all retail cryptocurrency trading to occur on platforms that have received proper licensing from the relevant authorities. This controlled environment began with a pilot program, allowing select companies to engage in both cryptocurrency mining and trading. Key legislations underpinning this framework include the Ministerial Decision on Experimenting with Digital Asset Transactions No. 888.MTC, issued by the Ministry of Technology and Communication (MTC) on November 9, 2021, and the Ministerial Decision on the Trial Operation of Cryptocurrency Trading Platform No. 777.BOL, enacted by the Bank of the Lao PDR (BOL) on December 15, 2021. The MTC's decision laid out the general rules for the three-year pilot, while the BOL's decision focused specifically on trading platforms, stipulating rigorous conditions such as substantial registered capital requirements and the necessity for platforms to partner with regulated commercial banks for financial settlements. In line with this, the BOL licensed two prominent entities, Lao Digital Assets Exchange (LDX) and Bitqik, in January 2022, designating them as the sole authorized providers of cryptocurrency brokerage and trading services in the country. Despite these foundational steps, the Laotian regulatory landscape for cryptocurrencies is still evolving. While the government has not formally classified cryptocurrencies, they are generally treated as intangible assets for tax purposes, with gains subject to the national progressive income tax. Specific royalty and lump-sum taxes are also levied on licensed crypto businesses. However, the lack of explicit tax laws for crypto transactions highlights the nascent stage of the framework. Furthermore, the Bank of the Lao PDR has consistently issued warnings against engaging in cryptocurrency transactions outside of the licensed platforms, emphasizing that such activities are illegal and that financial institutions are prohibited from facilitating unauthorized crypto dealings. This reflects a desire to protect consumers and maintain financial stability in an unregulated space. Challenges remain in fully understanding and mitigating the risks associated with virtual assets. A Financial Action Task Force (FATF) report in August 2023 pointed to significant regulatory gaps, including a limited understanding of virtual asset risks by both the government and private firms, as well as insufficient measures to combat money laundering and terrorist financing. The report also noted that effective supervision and monitoring of the virtual asset sector had yet to fully commence. In a move to manage financial risks, the central bank suspended new loans to cryptocurrency businesses in early 2023. These ongoing developments underscore the dynamic nature of Laos's regulatory journey, with authorities continually working towards a more robust and comprehensive framework to ensure investor protection, market integrity, and financial stability within the country's emerging digital asset ecosystem.

Summary Points

Here's the detailed regulatory analysis report on Retail Crypto Trading in Laos, converted into a clear, well-structured bullet point format:

## Retail Crypto Trading in Laos: Regulatory Overview

Overall Regulatory Status: Allowed-Regulated

  • Retail trading of cryptocurrencies is permitted, but strictly confined to officially licensed and regulated platforms.
  • Laos is in the nascent stages of building a comprehensive regulatory framework for cryptocurrencies.
  • Significant challenges remain, particularly concerning the full understanding of associated risks and the establishment of effective supervisory mechanisms.

### Key Regulatory Bodies & Their Roles

  • Bank of the Lao PDR (BOL):
  • Primary regulator for cryptocurrency trading platforms.
  • Issues licenses for trading platforms.
  • Focuses on financial stability, risk management, and protection of service users' rights.
  • Ministry of Technology and Communications (MTC):
  • Establishes general rules for digital asset activities, including crypto mining and trading.
  • Oversees the pilot program for digital asset transactions.
  • Other Agencies Involved (in ongoing regulatory development):
  • Ministry of Finance
  • Ministry of Planning and Investment
  • Ministry of Energy and Mines
  • Ministry of Public Security

### Important Legislation & Regulations

  • Ministerial Decision on Experimenting with Digital Asset Transactions No. 888.MTC (November 9, 2021):
  • Authority: Ministry of Technology and Communication (MTC).
  • Purpose: Established the main rules for a three-year pilot program for crypto asset activities (encompassing both crypto mining and crypto trading).
  • Impact: Defined "digital assets" and set initial conditions for operators to ensure safety, reliability, and protection of users' interests.
  • Ministerial Decision on the Trial Operation of Cryptocurrency Trading Platform No. 777.BOL (December 15, 2021):
  • Authority: Bank of the Lao PDR (BOL).
  • Purpose: Specifically focuses on regulating cryptocurrency trading platforms during the trial period.
  • Impact: Outlines principles, regulations, and measures for stable and secure crypto trading, emphasizing management, risk management, and protection of service users' rights.
  • Licensed Entities: BOL issued licenses to Lao Digital Assets Exchange (LDX) and Bitqik in January 2022, authorizing them as the only licensed and regulated institutions for full brokerage and trading services within Laos and the region under the pilot.

### Requirements for Compliance (for Licensed Platforms)

  • Licensing: Must obtain official licenses from the BOL and MTC.
  • Capital Requirements:
  • USD 10 million registered capital.
  • USD 5 million deposit with the Bank of the Lao PDR (BOL).
  • Operational Requirements:
  • Implement robust cybersecurity measures.
  • Establish client protection protocols.
  • Cooperate with commercial banks for payment duties and financial settlements.
  • Adhere to risk management principles and measures.
  • Operate within the defined scope and rules of the pilot program.

### Notable Restrictions & Limitations

  • Exclusivity: Retail crypto trading is only permitted through the two officially licensed platforms (LDX and Bitqik) under the pilot program.
  • Prohibition of Unlicensed Activities:
  • The Bank of the Lao PDR (BOL) consistently warns against buying, selling, or using cryptocurrency for transactions outside of the licensed framework, deeming such practices illegal.
  • Financial institutions are generally prohibited from engaging in or encouraging unauthorized cryptocurrency transactions.
  • Loan Suspension for Crypto Businesses: As of January 2023, the Bank of the Lao PDR suspended new loans to cryptocurrency businesses to reduce financial risk and maintain financial stability.
  • Pilot Program Scope: The Ministerial Decision 777 specifically limits the number of licensed crypto trading platforms to two entities under the pilot to allow the BOL to adequately supervise their operations.

### Asset Classification & Taxation

  • Asset Classification:
  • The Lao PDR has not provided a specific legal definition of cryptocurrencies.
  • Based on general principles of Lao tax law, cryptocurrencies are likely classified as intangible assets.
  • If a crypto asset provides a contractual right to receive cash or another financial instrument, it might be classified as a financial asset.
  • Taxation:
  • The taxation of cryptocurrency transactions is not explicitly addressed in Laotian tax laws.
  • However, general principles of income taxation apply: gains or profits from cryptocurrency transactions are subject to the progressive income tax system (5% to 25%).
  • The government has also imposed specific royalty and lump-sum taxes on licensed trading platforms and mining operations.
  • Reports indicate unpaid taxes from crypto operators, leading the government to offer a 50% reduction in tax debt due to plummeting cryptocurrency prices.

### Recent Developments & Challenges

  • Pilot Program Initiation: The pilot program for digital asset activities was initiated in November 2021, with the first two trading platforms licensed in January 2022.
  • FATF Concerns (August 2023):
  • A mutual evaluation report by the Financial Action Task Force (FATF) identified significant gaps in Laos's virtual asset regulation.
  • Noted that neither firms nor the government fully understood the risks posed by virtual assets.
  • Highlighted limited risk mitigation measures for money laundering (ML) and terrorist financing (TF).
  • Pointed out a lack of effective supervision for the virtual asset sector.
  • Ongoing Regulatory Development:
  • Laos's regulatory framework for cryptocurrencies is considered to be in its early stages of development.
  • There are ongoing efforts to strengthen it, particularly in areas of data protection and comprehensive risk management.
  • Authorities are encouraged to deepen domestic coordination and cooperate with foreign regulators.

Full Analysis Report

Retail Cryptocurrency Trading Status: Laos

Report Date: 2025-06-26

Topic: Retail_Trading_Status

Description: Assess whether individual citizens and residents in the country are legally permitted to buy, sell, and hold cryptocurrencies. Detail the regulatory environment surrounding this activity (e.g., KYC/AML requirements imposed on platforms, general warnings issued).

1. Current Status: Allowed-Regulated

2. Detailed Narrative Explanation:

Laos has been navigating its approach to cryptocurrency, moving from initial warnings and a ban to a more regulated environment, primarily driven by a pilot program for cryptocurrency mining and trading. While direct, comprehensive regulations for individual retail trading are still evolving and may not be as explicitly detailed as in some other jurisdictions, the government has licensed specific exchanges and established a framework that permits trading through these regulated entities.

Historical Context and Evolution:
Initially, the Bank of the Lao PDR (BOL) issued warnings against the use of cryptocurrencies, emphasizing that they were not legal tender and that platforms like Binance were unregulated, posing risks to investors. A ban on crypto-related activities, including trading and mining, was reportedly introduced in 2018.

However, facing economic challenges and seeking alternative revenue streams, the Lao government shifted its stance. In September 2021, the Prime Minister's Office issued Notification No. 1158, announcing a pilot program to allow cryptocurrency mining and trading. This program authorized six companies to participate. The Ministry of Technology and Communications (MTC) was tasked with coordinating this program and drafting the rules for mining, selling, and purchasing cryptocurrencies, in collaboration with other ministries and the BOL.

Following this, in November 2021, the MTC issued Ministerial Decision No. 888 on experimenting with digital asset transactions. This was complemented by the BOL's Ministerial Decision No. 777 in December 2021, which focused on the trial operation of cryptocurrency trading platforms, aiming to ensure safety, reliability, and investor protection.

Licensing of Exchanges and Retail Access:
In January 2022, the BOL granted licenses to two companies to operate as cryptocurrency exchanges: the Lao Digital Assets Exchange (LDX), a joint venture between AIF Group and Phongsupthavy Group, and Bitqik, a subsidiary of Simuong Group. These platforms were expected to provide full brokerage and trading services in compliance with BOL regulations, including cybersecurity and client protection. The LDX website indicates that individuals can register for trading accounts. This licensing marked a significant step towards formalizing cryptocurrency trading in Laos, including for retail users through these approved channels.

Regulatory Framework and Oversight:
The regulatory framework is still considered to be in a pilot phase and evolving. The MTC is responsible for regulating and approving crypto mining and the technology for trading platforms, while the BOL oversees the trading platforms themselves and manages foreign currency flows related to crypto activities. A Government-led Joint Committee for Crypto Assets, established in 2021, plays a role in shaping the regulatory approach.

The International Monetary Fund (IMF) noted in a 2023 report that the development of domestic trading platforms in Laos seems largely aimed at absorbing crypto from the mining industry and providing a domestic marketplace, rather than primarily targeting retail users. However, the existence of licensed exchanges accessible to the public implies that retail trading is permitted within this regulated structure. The IMF also acknowledged that crypto uptake by the general public in Laos appeared limited at the time of their report.

AML/KYC Requirements:
While specific details on AML/KYC requirements for retail traders are not extensively elaborated in all public documents, the licensed exchanges are expected to comply with BOL regulations concerning client protection and cybersecurity. The FATF's 2023 mutual evaluation report on Laos highlighted gaps in the country's overall virtual asset regulation and supervision, noting that measures to mitigate money laundering and terrorist financing risks were limited and not yet fully risk-based. However, the report also acknowledged that Laos is taking steps towards regulating Virtual Asset Service Providers (VASPs). Legal firms advising on cryptocurrency in the region also highlight the importance of AML/KYC compliance. The UNODC has reported that crypto exchanges are a popular medium for money laundering in Southeast Asia, including Laos, underscoring the need for robust AML measures.

Ongoing Developments and Challenges:
In November 2023, the Lao government indicated it would suspend operations, impose fines, or revoke licenses of crypto companies that failed to make progress or fulfill their agreements, particularly concerning fee payments to the state. This suggests active monitoring and enforcement within the pilot program.

While trading is permitted through licensed entities, the regulatory landscape is still maturing. The focus has been on a controlled pilot program, and comprehensive, specific regulations for all aspects of retail cryptocurrency trading, including detailed AML/KYC rules for all participants and consumer protection frameworks, are likely still under development as part of this pilot phase.

Conclusion:
Individual citizens and residents in Laos are legally permitted to buy, sell, and hold cryptocurrencies, but this activity is channeled through a regulated system involving licensed exchanges operating under a government-approved pilot program. While the overall regulatory framework is still evolving and has been primarily focused on a limited number of licensed entities and the mining sector, the existence of these licensed exchanges offering services to the public signifies that retail trading is allowed within this controlled environment. The government, through the BOL and MTC, maintains oversight, and there's an expectation of compliance with regulations, including those related to cybersecurity and investor protection.

3. Specific, Relevant Text Excerpts:

  • UPay Blog (December 1, 2024): "Adoption Status: Cryptocurrency trading is legal in Laos. Although the government has issued warnings, there is currently no official ban or comprehensive regulation." (Note: While this source says "no comprehensive regulation", the existence of a licensing pilot program indicates a regulated environment, albeit one that is still developing).
  • Tilleke & Gibbins (September 9, 2021, referring to Notification No. 1158): "This effectively establishes a sandbox in which these six companies may mine and trade cryptocurrency—including on international cryptocurrency exchanges. The Ministry of Technology and Communications (MTC) is in charge of coordinating the program... The MTC is also charged with drafting the rules of the pilot program and setting the conditions on which the participating companies can mine, sell, and purchase cryptocurrency in Laos."
  • Xinhua (January 19, 2022): "Lao central bank, the Bank of the Lao PDR (BOL), has issued licenses authorizing two companies to trade in cryptocurrencies. The companies are 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."
  • Xinhua (January 19, 2022): "LDX and Bitqik 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 Lao and the region, local daily Vientiane Times reported on Wednesday. The two trading platforms are expected to provide full services in April, in full compliance with the regulations of the BOL in terms of cybersecurity and client protection, to ensure the seamless and secure use of digital assets."
  • Legal 500 (January 13, 2025, referencing Ministerial Decision No. 888.MTC and No. 777.BOL): "In 2021, the Ministry of Technology and Communication has issued the Ministerial Decision on experimenting with digital asset transactions No. 888.MTC, dated November 9, 2021... After that, the Bank of Lao PDR (BOL) has issued the Ministerial Decision on the trial operation of Crypto currency Trading Platform No. 777.BOL, date December 15, 2021; to defines the principles, regulations and measures regarding the operation of crypto currency trading during the trial period..."
  • IMF eLibrary (August 31, 2023): "Crypto uptake in Lao P.D.R. seems to be limited so far, and so consumer protection risks appear contained. The authorities are in the process of considering an appropriate regulatory and supervisory framework for mining and trading activities."
  • IMF eLibrary (August 31, 2023): "The development of domestic trading platforms seems largely to absorb crypto from the mining industry and ensure there is a domestic marketplace to exchange and store those crypto assets rather than provide a marketplace for retail users."
  • Elliptic (September 11, 2023): "While it may not be common knowledge, Laos has had regulations for cryptoasset mining and trading firms since November 2021 that aim to protect the interests of both operators and users... Subsequently, in January 2022, the central bank of Laos licensed two firms in the trial to offer cryptoasset trading in the country with the expectation that they will fully comply with regulations in terms of cybersecurity and client protection."
  • Lao Digital Asset Exchange (LDX) Website (Current): The website provides options for individuals to "REGISTER YOUR ACCOUNT" for trading, "DEPOSIT FUNDS," and "MAKE PROFITS," indicating services are available to retail users.

4. Direct, Accessible URL Links to Sources:

  1. UPay Blog - Crypto Adoption Around the World: Laos: https://upay.com/blog/crypto-adoption-around-the-world-laos (Note: While a blog, it references economic data and provides a general overview. The statement about "no comprehensive regulation" should be nuanced by the pilot program details from other sources.)
  2. Tilleke & Gibbins - Laos Initiates Pilot Project for Cryptocurrency Mining and Trading: https://www.tilleke.com/insights/laos-initiates-pilot-project-for-cryptocurrency-mining-and-trading/
  3. KPL News Agency - Laos to suspend business operations in cryptocurrency mining and trade (via The Star): (Link was to a generic search result, a more direct link to KPL or a stable news archive would be better if available. The content is reflected in other similar news links.) A similar article from KPL via VietnamPlus: https://en.vietnamplus.vn/laos-to-suspend-business-operations-in-cryptocurrency-mining-and-trade/272492.vnp (This covers the November 2023 government stance on non-compliant companies).
  4. Proelium Law LLP - Lao PDR General Information: https://www.proeliumlaw.com/lao-pdr-general-information/ (Provides context on earlier warnings).
  5. B2Broker - Laos to legalize digital currencies after a 3-years ban: https://b2broker.com/news/laos-to-legalize-digital-currencies-after-a-3-years-ban/ (Discusses the shift from ban to pilot program).
  6. Xinhua - Lao central bank issues licenses for cryptocurrency exchange platforms: http://www.xinhuanet.com/english/asiapacific/20220119/296308739a8a434c9b3a9e3b9f3e0b7e/c.html (Primary news source on licensing).
  7. VietnamPlus (VNA) - Lao central bank licences two cryptocurrency exchange platforms: https://en.vietnamplus.vn/lao-central-bank-licences-two-cryptocurrency-exchange-platforms/220745.vnp
  8. IMF eLibrary - Lao People's Democratic Republic: Technical Assistance Report-Regulation and Supervision of Crypto Assets (May 2023 / August 2023): Main landing page: https://www.elibrary.imf.org/view/journals/002/2023/319/002.2023.issue-319-en.xml or specific report link if available from search. (The search results point to different dates for what appears to be the same core report content, one dated May 2023 and another August 31, 2023).
  9. Elliptic - The challenges of crypto regulation in Laos: https://www.elliptic.co/blog/the-challenges-of-crypto-regulation-in-laos
  10. Legal 500 - Crypto Currency Business in Laos: https://www.legal500.com/developments/thought-leadership/crypto-currency-business-in-laos/
  11. Laos Legal - Blockchain: https://laoslegal.com/services/blockchain/ (General advisory context).
  12. AML Watcher - Everything You Need To Know About AML Crypto: https://amlwatcher.com/blog/everything-you-need-to-know-about-aml-crypto/ (General AML context for the region).
  13. Lao Digital Asset Exchange (LDX): https://ldx.la/
  14. Regulation Asia - Laos Authorises Six Companies for Crypto Mining, Trading: https://www.regulationasia.com/laos-authorises-six-companies-for-crypto-mining-trading/

Web Sources (18)

Sources discovered via web search grounding

Search queries used (6)
  • current status of retail cryptocurrency trading in Laos
  • Laos cryptocurrency laws for individuals 2024 2025
  • Bank of Lao PDR cryptocurrency regulations retail
  • Laos digital asset trading license retail
  • AML/KYC requirements cryptocurrency Laos
  • Official statements Laos government cryptocurrency trading
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