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Sri Lanka Government Forms Panel to Study Digital Banking, Blockchain for Attracting Investment
Anti-money laundering, terrorism financing and Know-Your-Customer processes will also fall under the committee’s study mandate.
Updated May 11, 2023, 3:53 p.m. Published Oct 8, 2021, 6:04 a.m.
Sri Lanka’s Cabinet approved the formation of a committee that will study the rules and regulations governing digital banking, blockchain and crypto mining in other nations, as well as methods to prevent money laundering, terrorism financing and other criminal activities related to those technologies. The body will also study Know-Your-Customer processes.
The five-member committee will study the regulatory frameworks and approaches to crypto-related industries in countries such as Dubai, Malaysia, the Philippines, Singapore and the European Union.
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The committee was proposed by Namal Rajapaksa, a cabinet member whose roles include minister of Development Coordination and Monitoring, minister for Sports and Youth Portfolio and state minister of Digital Technology and Enterprise Development of Sri Lanka.
According to a press releasehttps://www.dgi.gov.lk/news/press-releases-sri-lanka/3620-press-release-2021-10-07-sri-lanka-aims-to-go-digital-with-the-introduction-of-blockchain-technology-and-cryptocurrency-mining Thursday from the Department of Government Information, the development is an attempt to attract foreign investment in the areas of these technologies as Srl Lanka moves to modernize its economy under the national policy framework “Vistas of Prosperity and Splendor.”
“The necessity of developing an integrated system of digital banking, blockchain and cryptocurrency mining has been identified to pace on par with the global partners in the region while expanding trade to the international markets,” the department said in the release.
Read more: Economic Uncertainty Drives Crypto Growth in Sri Lanka
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Fintech and Crypto Firms Seek Bank Charters Under Trump Administration: Reuters
Financial technology and crypto firms are increasingly applying for state or national bank charters, despite the community’s historical resistance to centralized banking.
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- Fintech and crypto firms are increasingly applying for bank charters, anticipating a more favorable regulatory landscape.
- Becoming a bank allows firms to accept deposits and lower borrowing costs but brings stricter oversight.
- Regulatory bodies have historically approved few new bank charters, though recent signals suggest a more streamlined process.
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