Chile vs Sri Lanka
Crypto regulation comparison
Chile
Sri Lanka
Legal
Restricted
Chile passed a Fintech Law (Ley 21,521) in January 2023, establishing a regulatory framework for crypto service providers. The CMF is developing implementing regulations for virtual asset platforms. Crypto gains are taxed under general income tax rules.
Sri Lanka has no specific cryptocurrency legislation. The CBSL has issued multiple warnings (2018, 2021, 2022, 2023) about crypto risks and has not authorized any entity to operate crypto exchanges, mining, or advisory services. Use of debit/credit cards for crypto is prohibited under the Foreign Exchange Act. The SEC has been discussed as a potential future regulator.
Tax Type
Capital gains
Tax Type
Unclear
Tax Rate
0-40%
Tax Rate
N/A
Exchanges
Yes
Exchanges
No
Mining
Yes
Mining
Yes
Regulator
CMF (Comisión para el Mercado Financiero)
Regulator
Central Bank of Sri Lanka, Securities and Exchange Commission
Stablecoin Rules
To be addressed under the Fintech Law implementing regulations
Stablecoin Rules
No stablecoin regulation
Key Points
- Fintech Law (Ley 21,521) passed in January 2023 covers crypto service providers
- CMF designated as regulator for crypto platforms under the new law
- Crypto exchanges must register and comply with AML/KYC requirements
- Capital gains on crypto taxed under general income tax at progressive rates up to 40%
- Chile has an active crypto market with exchanges like Buda.com operating since 2015
Key Points
- CBSL has issued repeated warnings about crypto risks (2018, 2021, 2022, 2023)
- No entity authorized to operate crypto exchanges, mining, or advisory services
- Use of debit/credit cards for crypto prohibited under Foreign Exchange Act
- CBSL requested criminal proceedings against crypto pyramid schemes
- SEC discussed as potential future regulatory authority for digital assets