ECONOMYNEXT – The Financial Intelligence Unit (FIU) of Sri Lanka’s central bank is conducting a mandatory survey to obtain information on persons and entities engaged in Virtual Asset Service Providing activities (VASPs), ahead of the country’s third evaluation on its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.
“You are considered a VASP if you are engaged in one or more of the following:
– Exchange between virtual assets and fiat currencies
– Exchange between one or more forms of virtual assets
– Transfer of virtual assets
– Safekeeping and/or administration of virtual assets or instruments enabling control over them
– Participation in and provision of financial services related to an issuer’s offer and/or sale of a virtual asset”
The FIU is conducting the survey as part of a public consultation aimed at obtaining information about individuals/entities currently engaged in providing the services as a business.
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Virtual assets, such as cryptocurrency, are digital representations of value that can be digitally traded, transferred, or used as investment vehicles.
Sri Lanka’s foreign exchange act does not allow payment in these currently.
Virtual assets include cryptocurrencies like Bitcoin and Ethereum, utility tokens, security tokens, and non-fungible tokens (NFTs).
Sri Lanka’s third evaluation on its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework is to commence in March 2026.
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“One of the requisites in that is that Sri Lanka minimize avenues for money laundering through sectors such as gem and jewelry and casinos. The newest assessment is on Virtual Asset Service Providers,” central bank governor Nandala Weerasinghe told reporters recently.
As a first step, VASPs will be asked to register with the central bank, he said. (Colombo/Oct6/2025)