With a view to regulating its fintech space, the government of Sri Lanka has set up a special committee to formulate the country’s policy on digital banking and crypto-related activities. The committee is made up of professionals from the public and private sectors.

New committee to propose rules for blockchain industry in Sri Lanka

Sri Lankan authorities have unveiled the composition of a new panel of experts meeting to formulate the country’s policy in three key areas related to cryptocurrencies, the local Daily Mirror reported on Saturday. Members are expected to present regulations for entities operating in digital banking, blockchain, and cryptocurrency mining.

According to an announcement by the Government’s Information Department, the professionals involved in the project are Viraj Dayaratne, chairman of the Securities and Exchange Commission of Sri Lanka, Rajeeva Bandaranaike, CEO of the Colombo Stock Exchange, and Dharmasri Kumarathunge, director of payments. and regulations. at the Central Bank of Sri Lanka.

The team also includes Jayantha Fernando, Chairman of the Sri Lanka Data Protection Act Drafting Board, Sandun Hapugoda, Director of Mastercard Sri Lanka, TGJ Amarasena, who is the General Manager of the Emergency Preparedness Team. in Sri Lanka, and political activist Milinda Rajapaksha. Sujeewa Mudalige, Managing Partner of PwC Sri Lanka, will chair the committee.

The experts, representing both government institutions and private companies, will help Sri Lanka draft laws, rules and regulations that will enable the country to attract investment in the digital banking and blockchain technology sectors. , as well as creating conditions for crypto mining companies in the country. The information service has developed:

The need to develop a system that integrates digital banking, blockchain technology and mining for cryptocurrency and other essential services has been identified to facilitate the creation of a digital business environment.

According to the report, State Minister of Digital Technology and Enterprise Development Namal Rajapakse played a leading role in setting up the committee. Rajapakse, who is also responsible for coordinating and monitoring development projects, sought approval from the Cabinet of Ministers to appoint members of the body.

The upcoming regulations will allow the Sri Lanka Investment Board to take the necessary steps to facilitate said investments in the crypto industry. The move comes despite the Central Bank of Sri Lanka (CBSL) maintaining a cautious approach to cryptocurrencies. In April, the monetary authority issued an advisory warning of the associated risks as crypto investment and trade surged around the world and the South Asian nation.

Do you think the Sri Lankan government will create a conducive business environment for the country’s crypto companies? Tell us in the comments section below.

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