Digital Assets part of larger digital economy plan
View(s):The capital market regulator and the stock market operator are in discussion with relevant authorities and formulating plans to introduce digital assets, a top official said.
“We are now in the process of collecting information about digital assets from around the world and getting help from the International Organisation of Securities Commissions (IOSCO), the international body that brings together the world’s securities regulators and is recognised as the global standard setter for the securities sector, to formulate the policy. We are also in the initial stages of drafting the policy, looking at best practices from Kuwait, Malaysia, etc. Digital assets will be a part of the larger digital economy plan of the country,” Prof. Hareendra Dissabandara, Securities and Exchange Commission (SEC) Chairman, told The Sunday Times Business on Tuesday. Currently, the shares which are stored in physical mode, in the Colombo Stock Exchange’s Central Depositary system (CDS), will become tokenised with Digital Asset Introduction. A digital asset is stored electronically and can be bought, sold, owned, transferred or traded.
The SEC chairman said that for digital assets to be introduced, the SEC Act will have to be amended. “Along with the Act, the stock exchange platforms will need to be changed, and we will need to do a lot more work on this,” he added.
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