Sri Lankan government-appointed new expert committee to regulate crypto mining and blockchain technology. The new committee will present a framework  for Sri Lanka after they have studied the international market regulations

The global crypto adoption race joins Sri lanks by setting up a committee for regulated and exploring blockchain technology and crypto minings.

Mohan samaranayake who is director-general of government information of Sri Lanka shared a letter on October 8.

The letter indicates that the authorities have approved a proposal that will attract investments in the country’s crypto and blockchain initiatives.

“This committee will be mandated to study the regulations and initiatives of other countries such as Dubai, Malaysia, Philippines, EU, and Singapore, etc., and propose a suitable framework for Sri Lanka” samaranayake adds.

The proposal was made by the Minister of Coordination and Monitoring of Projects, Namal Rajapaksa. The proposal needs the committee to report its research related to blockchain and crypto to the Cabinet of Acts, Rules, and Regulations.

 The committee consists of a total of eight members. Of these, two members of the committee are international fintech giant, Sujeewa Mudalige PricewaterhouseCoopers ’(PwC) and Mastercard’s Sandun Hapugoda. The committee from traditional finance includes Dharmasri Kumarathunge, director of the Central Bank of Sri Lanka, and Rajeeva Bandaranaike, CEO of the Colombo Stock Exchange.

The remaining four committee members represent various authorities throughout the nation, including Information and Communication Technology Agency or ICTA, Department Of Government Information, the President’s Council, and Sri Lanka Computer Emergency Readiness Team or SLCERT.

In order to support this initiative, the committee members will also monitor the regulations and laws implemented by other nations to avoid criminal activities, the Anti-Money Laundering (AML), and terror financing.

Rushali Das

CBW - External Analyst

INDIA