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Cyprus vs Sri Lanka

Crypto regulation comparison

← Back to map | Cyprus | Sri Lanka
Cyprus

Cyprus

Sri Lanka

Sri Lanka

Legal
Restricted

Cyprus regulates crypto under the EU MiCA framework (fully applicable since December 2024). CySEC authorizes crypto-asset service providers (CASPs) while the Central Bank of Cyprus oversees e-money tokens and asset-referenced tokens. Crypto gains from occasional transactions are currently not taxed; active trading is taxed as income at 0-35%. A proposed 8% flat tax on crypto gains is pending parliamentary approval for 2026.

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 Varies
Tax Type Unclear
Tax Rate 0-35% (proposed 8% flat rate from 2026)
Tax Rate N/A
Exchanges Yes Yes
Exchanges No No
Mining Yes Yes
Mining Yes Yes
Regulator CySEC, Central Bank of Cyprus
Regulator Central Bank of Sri Lanka, Securities and Exchange Commission
Stablecoin Rules Regulated under EU MiCA framework
Stablecoin Rules No stablecoin regulation
Key Points
  • CySEC authorizes and supervises crypto-asset service providers under MiCA
  • No capital gains tax on crypto for occasional transactions; active trading taxed as income
  • EU MiCA regulation applies as an EU member state
  • AML/CFT requirements enforced for all crypto businesses
  • Proposed 8% flat tax on crypto gains pending parliamentary approval for 2026
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
Sources
Sources