Costa Rica vs Sri Lanka
Crypto regulation comparison
Costa Rica
Sri Lanka
No Regulation
Restricted
Costa Rica has no specific cryptocurrency legislation. The Central Bank has stated crypto is not legal tender and not backed by the government, but has not prohibited its use. Some businesses accept Bitcoin, and there is a growing crypto community, particularly in tech-focused areas.
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
Unclear
Tax Type
Unclear
Tax Rate
N/A
Tax Rate
N/A
Exchanges
Yes
Exchanges
No
Mining
Yes
Mining
Yes
Regulator
BCCR (Banco Central de Costa Rica), SUGEF
Regulator
Central Bank of Sri Lanka, Securities and Exchange Commission
Stablecoin Rules
No stablecoin-specific regulation
Stablecoin Rules
No stablecoin regulation
Key Points
- No specific cryptocurrency legislation exists
- BCCR does not recognize crypto as legal tender but has not banned it
- Crypto businesses operate in a legal gray area without formal licensing
- A Bitcoin and crypto community has emerged, especially around tech hubs
- Tax obligations on crypto gains are unclear due to lack of specific guidance
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