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

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.
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)

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
Language	Lao
Formal type of document	Letter
Topics	Banking and financial services policy and regulation
License	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	http://www.laophattananews.com/archives/118540?fbclid=IwAR0WHfiW6qdxsHh3renB-QGOa6jbEV6meo9y_NRfE1dXPBXGzqBKx2wsJgI
Keywords	cryptocurrency,digital trade,ເງິນຄຣິບໂຕ
Date uploaded	November 25, 2021, 07:39 (UTC)
Date modified	November 10, 2022, 08:20 (UTC)