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XMR $319.55 (-2.68%)
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AVAX $8.89 (-4.70%)

Sri Lanka vs Mongolia

Crypto regulation comparison

← Back to map | Sri Lanka | Mongolia
Sri Lanka

Sri Lanka

Mongolia

Mongolia

Restricted
Legal

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.

Mongolia adopted the Law on Virtual Asset Service Providers (VPSP) in December 2021, establishing a comprehensive regulatory framework. The Financial Regulatory Commission (FRC) registers and supervises crypto exchanges. Over 12 licensed exchanges serve 850,000+ customers. Crypto mining is legal and growing, with tax incentives for renewable energy use.

Tax Type Unclear
Tax Type Income
Tax Rate N/A
Tax Rate 10-25%
Exchanges No No
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator Central Bank of Sri Lanka, Securities and Exchange Commission
Regulator Financial Regulatory Commission (FRC) of Mongolia
Stablecoin Rules No stablecoin regulation
Stablecoin Rules No specific stablecoin regulation
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
Key Points
  • Law on Virtual Asset Service Providers (VPSP) adopted December 2021
  • FRC registers and supervises crypto exchanges under VPSP law
  • Over 12 licensed exchanges serving 850,000+ customers
  • Crypto exchange income is taxable and exempt from VAT
  • Mongolia launched blockchain-based OTC securities trading in 2025
Sources
Sources