Virtual assets legislation concept paper presented to NCC
The proposed Concept Paper to regulate Virtual Asset Service Providers (VASPs) was recently presented to the National Coordinating Committee (NCC) on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) by Eranga Weeraratne, Deputy Minister of Digital Economy and Chairman of the Sub-Committee established under the NCC.
He told the Sunday Times Business that VASP regulation will entail registering such service providers and businesses at the initial stages. He said that plans for this will also be launched soon.
Noting that setting up a robust regulatory framework for VASPs is a mandatory Financial Action Task Force recommendation that Sri Lanka must comply with before the Mutual Evaluation, Mr. Weeraratna said that the proposed regulation on registration, digital KYC, and monitoring protocols for all virtual asset operators will be made by around August. The NCC was appraised with the timeline proposed by the Minister for the implementation of a phased-out regulatory framework for VASPs.
Dr. (Mrs.) Subhani Keerthirathne, Director Financial Intelligence Unit, Central Bank (CB), also delivered a presentation on Sri Lanka’s way forward in achieving a positive outcome in the upcoming Mutual Evaluation.
Last October, the FIU launched a mandatory survey on VASP to gather information on entities operating in the crypto space, aimed at assessing money laundering and terrorist financing risks ahead of the international mutual evaluation.
Meanwhile, the CB is awaiting legislation amendments to the Financial Transactions Reporting Act, which will include virtual assets within the definition of financial institutions.
The NCC committee includes about 33 members from nearly 15 institutions, including the Deputy Secretary-Treasury, the Registrar of Companies, and a representation from the CB departments, including the FIU and is the highest level advisory body for AML/CFT, consisting of more than twenty key stakeholders within Sri Lanka’s AML/CFT framework.
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