A legal framework to regulate digital assets in Sri Lanka

The Cabinet has approved a proposal to establish a legal framework to regulate digital assets and digital asset service providers (VASPs) to strengthen oversight of the digital asset sector in Sri Lanka.

The proposal was submitted by President Anura Kumara Dissanayake, as the Minister of Digital Economy, with the aim of introducing regulations to govern the use of digital assets, including cryptocurrencies such as Bitcoin, Ethereum, and Tether.

The proposed legal framework is expected to provide greater oversight of digital asset activities, address risks associated with financial crimes, and ensure that service providers operate in a regulated environment.

The Cabinet has approved a proposal to establish a legal framework to regulate digital assets and digital asset service providers (VASPs) to strengthen oversight of the digital asset sector in Sri Lanka.

The proposal was submitted by President Anura Kumara Dissanayake, as the Minister of Digital Economy, with the aim of introducing regulations to govern the use of digital assets, including cryptocurrencies such as Bitcoin, Ethereum, and Tether.

The proposed legal framework is expected to provide greater oversight of digital asset activities, address risks associated with financial crimes, and ensure that service providers operate in a regulated environment.