The Cabinet of Ministers has approved a proposal to introduce a regulatory framework for virtual assets and service providers (VASPs), marking a significant step toward safeguarding Sri Lanka’s financial system against emerging risks.

Currently, Sri Lankan users access virtual assets such as cryptocurrencies through online platforms, peer‑to‑peer exchanges, and direct transactions. 

These activities, however, operate outside the domestic regulatory framework, with VASPs functioning without registration, compliance obligations, reporting standards, or supervision. 

Authorities have warned that this gap poses a risk of financial crimes, including money laundering and terrorist financing.

To address these concerns, a sub‑committee on VASPs has been established under the chairmanship of the Deputy Minister of Digital Economy, with participation from relevant officials. 

The Central Bank of Sri Lanka, the Financial Intelligence Unit, and the Inland Revenue Department have coordinated a supervisory mechanism. 

Within this framework, the sub‑committee has proposed designating the Securities and Exchange Commission of Sri Lanka as the regulatory authority for virtual assets.

Taking these recommendations into account, the Cabinet endorsed the proposal presented by the President, in his capacity as Minister of Digital Economy, to introduce legal provisions and an implementation plan for regulating virtual assets and service providers. (Newswire)

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President Donald Trump recorded around US$1.2 billion in income from his cryptocurrency activities in 2025, according to documents released Tuesday by the US Office of Government Ethics.

A 1978 law requires the president and vice president of the United States to declare their income as well as their assets.

According to the documents, which are more than 900 pages long, Trump received nearly US$550 million from his ties to the startup World Liberty Financial.

The Trump family lent its support and its name to this cryptocurrency platform, launched in September 2024.

World Liberty Financial issued its own cryptocurrency, WLFI, whose initial sale brought in US$550 million.

Trump and his three sons also obtained, via an intermediary company, DT Marks Defi, an additional 22.5 billion WLFI, currently worth around US$1.3 billion.

In April 2025, WLF also marketed its stablecoin – a digital currency whose value is pegged to a traditional currency, in this case the dollar.

Trump’s income disclosure also mentions US$635 million in royalties received under a licensing agreement related to the $TRUMP cryptocurrency, launched just hours before his inauguration in January 2025.

The president’s activities in the cryptocurrency sector are the main reason for the near tripling of his personal fortune, which rose from US$2.3 billion to US$6.5 billion between 2024 and 2026, according to Forbes.

The former real estate developer is regularly accused of conflicts of interest, in particular for having invested in the cryptocurrency industry while, as president, taking several measures to deregulate the sector, causing asset prices to soar.

Beyond the income derived from WLF and its cryptocurrency, Trump has also earned several million dollars from shares in various publicly listed companies active in cryptocurrencies, such as the Coinbase exchange platform.

The president’s assets are held in a trust managed by his son, Donald Trump Jr, but its bylaws stipulate that the entity can be dissolved at any time, which means the billionaire could regain control of it as soon as his second term ends. (CNA/ AFP)

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Sri Lanka must register cryptocurrency providers as part of its commitment to international anti-money laundering (AML) and counter-terrorism financing (CTF) standards, Central Bank Governor Dr. Nandalal Weerasinghe said.

He noted that Sri Lanka faces a mutual evaluation next year and that compliance with global frameworks requires identifying and monitoring cryptocurrency usage.

“There is a need to obtain information about cryptocurrency use in the country. We are currently holding discussions with the government in this regard. Accordingly, the Financial Intelligence Unit of the Central Bank, the Finance Ministry and the Ministry of Digital Economy are discussing how to regulate this,” Weerasinghe said. (Newswire)

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