Sri Lanka vs Somalia
Crypto regulation comparison
Sri Lanka
Somalia
Restricted
No Regulation
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.
Somalia has no specific cryptocurrency regulation. The fragmented governance structure makes unified regulation extremely difficult. Mobile money dominates the financial landscape.
Tax Type
Unclear
Tax Type
None
Tax Rate
N/A
Tax Rate
N/A
Exchanges
No
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Central Bank of Sri Lanka, Securities and Exchange Commission
Regulator
Central Bank of Somalia
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
- No specific cryptocurrency legislation
- Fragmented governance limits regulatory development
- Mobile money dominates informal financial system
- Very limited formal financial infrastructure
- No licensing framework for crypto services