Sri Lanka, Sept. 5 -- Taxes are applicable to cryptocurrency in the Sri Lankan context, and the government's failure to tax them is an oversight, not a legal loophole.

These views were expressed by Suresh Perera, the Principal of Tax and Regulatory at KPMG, while addressing a webinar titled "Impact of cryptocurrency on Sri Lanka's tax framework."

Perera explained that cryptocurrency falls under the category of intangible properties, and any gains made from it are subject to existing tax laws.

"In most of the countries, cryptocurrencies are treated as property. So, when you engage in property transactions, what are the two types of taxes that you have to pay? Capital gains tax, taking it as business income tax, and of course, sometimes ...