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.
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 release 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.