The island nation of Sri Lanka has now formed an eight-member committee to examine the sensible legal approach to blockchain and crypto. Government authorities have agreed that the new regulation of cryptocurrencies should be designed to promote or increase investment in the country’s crypto industry. In order to attract foreign investors and for the small country to compete globally, it needs an integrated digital system of banking, blockchain, cryptocurrencies and mining, according to a government spokesperson.
Members of the committee include key minds from finance as well as various government agencies tasked with studying the regulatory and funding programmes of countries such as Dubai, Malaysia, the Philippines, Singapore and the EU to derive a suitable legal framework for Sri Lanka.