Laos has moved to tighten controls on cryptocurrency purchases through foreign platforms, ordering banks and payment providers to block card transactions linked to exchanges that are not licensed by the central bank.

The Bank of the Lao PDR (BOL) issued the notice on 31 July to commercial banks and payment service providers nationwide after finding that customers were using payment cards, particularly international cards, to buy cryptocurrency on unauthorized foreign platforms.

According to the notice, customers using these platforms are not protected by Lao regulations if problems arise. Banks and payment providers must therefore check their systems and block payment channels and Merchant Category Codes linked to cryptocurrency…