Sri Lanka vs Maldives
Crypto regulation comparison
Sri Lanka
Maldives
Restricted
Restricted
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.
The Maldives Monetary Authority has warned against cryptocurrency and does not recognize it as legal tender. No specific legislation exists but the MMA discourages crypto activities.
Tax Type
Unclear
Tax Type
None
Tax Rate
N/A
Tax Rate
N/A
Exchanges
No
Exchanges
No
Mining
Yes
Mining
No
Regulator
Central Bank of Sri Lanka, Securities and Exchange Commission
Regulator
Maldives Monetary Authority (MMA)
Stablecoin Rules
No stablecoin regulation
Stablecoin Rules
No 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
- MMA has warned against cryptocurrency use
- Crypto not recognized as legal tender
- No specific cryptocurrency legislation
- Financial institutions discouraged from dealing in crypto
- Limited crypto adoption