Regulatory Alerts2023-11-20
Added · Updated
Law on Payment System (Amended)
The Law on Payment System (Amended) defines the principles, regulations, and measures for the supervision and oversight of payment system activities in the Lao People’s Democratic Republic. It classifies payment systems into Systematically Important Payment Systems, Retail Payment Systems, and Payment Services, and establishes the Bank of the Lao PDR as the primary regulatory authority. The law outlines specific rights and duties for payment system operators and service providers, including requirements for licensing, risk management, and compensation for payment errors. It also regulates payment instruments, channels, and cross-border payments, mandating that electronic money be issued only in KIP and prohibiting the use of advanced money for credit provision.