Sri Lanka, July 28 -- As the government seeks to strengthen supervision of Sri Lanka's emerging digital asset sector, the Cabinet of Ministers has approved a proposal to establish a legal framework for regulating virtual assets and virtual asset service providers (VASPs).

The proposal was presented by President Anura Kumara Dissanayake in his capacity as Minister of Digital Economy, with the aim of introducing regulations to govern the use of virtual assets, including cryptocurrencies.

The proposed framework is expected to provide greater oversight of virtual asset activities, address risks linked to financial crimes, and ensure that service providers operate within a regulated environment.

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