Central Bank steps up oversight on Virtual Asset Providers with new survey

Sri Lanka
By Editor_1
People walk at the Central Bank of Sri Lanka building in Colombo - Dinuka Liyanawatte/REUTERS

COLOMBO – The Financial Intelligence Unit (FIU) of Sri Lanka’s Central Bank has launched a mandatory survey targeting individuals and entities involved in Virtual Asset Service Providing (VASP) activities. This initiative is part of preparations for Sri Lanka’s third evaluation of its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework scheduled for March 2026.

The FIU has defined VASPs as service providers engaged in activities including the exchange between virtual assets and fiat currencies, exchange among various virtual assets, virtual asset transfers, safekeeping or administration of virtual assets, and financial services linked to the issuance or sale of virtual assets.

Virtual assets – such as cryptocurrencies Bitcoin and Ethereum, utility tokens, security tokens, and non-fungible tokens (NFTs) – are digital representations of value that can be traded, transferred, or used as investments. However, Sri Lanka’s foreign exchange regulations currently prohibit payments using these assets.

Central Bank Governor Nandala Weerasinghe highlighted the importance of the survey, stating that in addition to traditional sectors like gems, jewellery, and casinos, virtual asset services represent a new area where money laundering risks must be minimized. As part of the regulatory process, VASPs will be required to register with the Central Bank.

The FIU’s survey aims to gather comprehensive data on the landscape of virtual asset service providers in Sri Lanka, facilitating improved regulatory oversight and helping the country meet international standards in financial crime prevention.

Individuals and businesses involved in virtual asset service provision are urged to participate fully in the survey, which will contribute to strengthening Sri Lanka’s AML/CFT framework in the digital finance era.

-ENCL

Editor_1
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