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Sri Lanka Government Forms Panel to Study Digital Banking, Blockchain for Attracting Investment
Anti-money laundering, terrorism financing and Know-Your-Customer processes will also fall under the committee’s study mandate.
Updated May 11, 2023, 3:53 p.m. Published Oct 8, 2021, 6:04 a.m.
Sri Lanka’s Cabinet approved the formation of a committee that will study the rules and regulations governing digital banking, blockchain and crypto mining in other nations, as well as methods to prevent money laundering, terrorism financing and other criminal activities related to those technologies. The body will also study Know-Your-Customer processes.
The five-member committee will study the regulatory frameworks and approaches to crypto-related industries in countries such as Dubai, Malaysia, the Philippines, Singapore and the European Union.
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The committee was proposed by Namal Rajapaksa, a cabinet member whose roles include minister of Development Coordination and Monitoring, minister for Sports and Youth Portfolio and state minister of Digital Technology and Enterprise Development of Sri Lanka.
According to a press releasehttps://www.dgi.gov.lk/news/press-releases-sri-lanka/3620-press-release-2021-10-07-sri-lanka-aims-to-go-digital-with-the-introduction-of-blockchain-technology-and-cryptocurrency-mining Thursday from the Department of Government Information, the development is an attempt to attract foreign investment in the areas of these technologies as Srl Lanka moves to modernize its economy under the national policy framework “Vistas of Prosperity and Splendor.”
“The necessity of developing an integrated system of digital banking, blockchain and cryptocurrency mining has been identified to pace on par with the global partners in the region while expanding trade to the international markets,” the department said in the release.
Read more: Economic Uncertainty Drives Crypto Growth in Sri Lanka
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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