The Lao government published rules regulating cryptocurrency mining and the operation of digital-asset trading platforms. The Laotian Times reports.
According to Technology and Communications Minister Dr Boviengkham Wongdare, the initiative is aimed at protecting the rights and interests of both operators and users.
The document defines the types of permitted operations and how they are to be organized. Firms must be owned by residents and have adequate capital. A requirement is to deposit with the central bank a security deposit of $5 million.
Miners must consume at least 10 MW of electricity. The capacity for mining cryptocurrencies in the amount of 115 kW or 230 kW is provided under a six-year contract with an option to extend.
To stimulate activity, the government will exempt Electricite du Laos, the national generation company, from transmission charges and import taxes.
Miners are required to pay a single lump-sum tax depending on power consumption. For every 10 MW, companies must pay $1 million. The Ministry of Energy will ensure miners have sufficient electricity and will offer preferential tariffs during the rainy season.
A similar amount of $1 million is payable by operators of Bitcoin exchanges for obtaining a licence and starting operations. The tax on the volume of commissions earned will be 15%.
Laos will also изучит the possibility of issuing a CBDC. In October, the central bank signed an agreement with the Japanese International Cooperation Agency. The initiative is supported by fintech company Soramitsu.
In September, Laos authorities approved mining and trading of Bitcoin, Ethereum and Litecoin for six companies.
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