Lao People’s Democratic Republic: Regulation and Supervision of Crypto Assets

Introduction

Lao People’s Democratic Republic (Lao P.D.R.) is taking steps to transform into a digital economy and pursue growth. To achieve this, the country has recently enacted legislation to pilot the licensing of mining and crypto trading activities. The government hopes that utilizing its surplus of electricity generated by hydro power can generate more income in foreign currencies. As part of this initiative, the Bank of Lao (BoL) has been entrusted with the licensing and supervision of crypto trading firms, while the Ministry for Technology and Communications (MTC) is responsible for licensing crypto mining firms and supervising both mining and trading firms from a technological perspective.

Summary

As part of national efforts to transform into a digital economy and pursue growth, Lao People’s Democratic Republic (Lao P.D.R.) has recently enacted legislation to pilot the licensing of mining and crypto trading activities. The country has a surplus of electricity generated by hydro power, which the government hopes can generate more income in foreign currencies. A recent Ministerial Decision has entrusted the BoL with the licensing and supervision of crypto trading firms, while the Ministry for Technology and Communications (MTC) is in charge of licensing crypto mining firms and supervising both mining and trading firms from a technological perspective.

Series and Subject

Country Report No. 2023/319

Subjects: International organization, Monetary policy

Publication Details

Publication Date: August 31, 2023

ISBN/ISSN: 9798400254024/1934-7685

Stock No: 1LAOEA2023002

Format: Paper

Pages: 23