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Cabinet approves legal framework to regulate virtual assets
The Cabinet of Ministers has approved a proposal to introduce a legal framework to regulate virtual assets and virtual asset service providers (VASPs), as the government moves to strengthen oversight of the country's growing digital asset sector.
The proposal, presented by President Anura Kumara Dissanayake in his capacity as Minister of Digital Economy, seeks to establish a regulatory framework to address the increasing use of virtual assets, including cryptocurrencies, and reduce risks associated with financial crimes.
