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The Bank of Laos announces the suspension of all activities of Phu Si Company in relation with cryptocurrency trade

  1. The letter No. 906 issued by the Bank of Laos (Department of Payment System Management) to the Ministry of Industry and Commerce (Department of Business Registration and Management) to suspend the business registration of WelnanceTrading Online Co., Ltd., under Phu Si Group Co., Ltd., which advertised and launched a cryptocurrency business through the online media like the Facebook page and other online platforms under the name "Welnance" without the permission of the governing body and without complying with the Digital Property Business Pilot Agreement. No. 888/ກຕສ.
  2. letter No. 956 was the announcement issued by the Department of Payment System Management, Bank of Laos to Phou si company to inform that their business activities do not complete the business requirement on crypto, with the order to close all of their activities relating to this matter.

Data Resources (2)

Data Resource Preview - Bol announces the suspension of all activities of Phu Si Company in relation with cryptocurrency trade, No 960

Additional Info

Field Value
Geographic area (spatial range)
  • Lao People's Democratic Republic
Document reference # #960/DPSM
Issuing agency/parties
  • Bank of the Lao PDR
Implementing agencies
  • Ministry of Industry and Commerce
  • Lao
Formal type of document Letter
Topics Banking and financial services policy and regulation

No license given

Copyright No
Status Signed but not yet in effect/validated
Adoption date/Enacted/Promulgation date/Signing date November 24, 2021
Effective/Enforced Date November 24, 2021
Publication reference Enterprise registration given to digital asset business companies operation,#960/ຄລຊ,24.11.2021,2pages
Links to source
Keywords cryptocurrency,digital trade,ເງິນຄຣິບໂຕ
Date uploaded November 25, 2021, 07:39 (UTC)
Date modified November 10, 2022, 08:20 (UTC)