The 5th Sub-Committee Meeting for Virtual Asset Service Providers (VASPs) in Sri Lanka was held today, 10th August, at the Central Bank of Sri Lanka premises under the chairmanship of the Hon. Deputy Minister of Digital Economy, Eng. Eranga Weeraratne. The session focused on establishing a formal, robust regulatory framework for VASPs while modernizing Sri Lanka’s digital financial infrastructure.
The primary objective of the meeting was to strengthen supervisory, regulatory, and compliance mechanisms within the VASP sector in accordance with international standards.
A highlight of the meeting was a dedicated technical assistance session focusing on the international standards set by the Financial Action Task Force (FATF) applicable to Virtual Asset Service Providers. Conducted by Ms. Claire Wilson and Ms. Hala Najjar representing HM Treasury, United Kingdom, the session provided detailed insights into global VASP regulatory experiences, core FATF regulatory expectations, and practical approaches to tailoring an effective legal and supervisory framework for Sri Lanka.
The deliberations represent a critical step toward elevating Sri Lanka's VASP regulatory architecture to international standards while reinforcing Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) safeguards. The overarching goal remains seamlessly integrating Sri Lanka’s digital economy with evolving global technological and financial benchmarks.
The meeting brought together key institutional stakeholders from across the public and financial sectors, including Dr. Hans Wijayasuriya, Chief Advisor to the President on Digital Economy, and Mr. Waruna Sri Dhanapala, Secretary to the Ministry of Digital Economy Director of the Financial Intelligence Unit of Sri Lanka, Dr. Subhani Keerthiratne.
