Sri Lanka gets ready to go Crypto

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 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.

This committee will be mandated to study the regulations and initiatives of other countries such as Dubai, Malaysia, Philippines, EU, and Singapore etc., and propose a suitable framework for Sri Lanka.

The committee will also study the laws and regulations of other countries in terms of anti-money laundering, terrorism financing, criminal activities, and the Know Your Customer processes.

The committee comprises the following experts in their field: Sujeewa Mudalige (Chairman), Viraj Dayaratne, Rajeeva Bandaranaike, Dharmasri Kumarathunge, Jayantha Fernando, Sadun Hapugoda, Air Commodore (Retd) TGJ Amarasena and, Milinda Rajapaksha.

Profiles of the Committee

1. Mr. Sujeewa Mudalige - Chairman Managing Partner PricewaterhouseCoopers Sri Lanka. Sujeewa Counts over 30 years of experience as a Chartered Accountant.

Sujeewa is a FCA (ICA - SL), FCMA (CIMA – UK), FCCA (ACCA – UK) and FCPA (CPA – Australia). He has vast experience as the Audit Committee Chair and as an independent non-executive director in both public and private sector organizations.

2. Viraj Dayaratne President’s Counsel BA (Colombo), LLM(Wales)

A president’s Counsel with a BA Colombo and Functioned as Additional Solicitor General of the Attorney General’s Dept until January 2020, he was released to make an appointment as Chairman of the SEC. A visiting Judge of the Court of Appeal of the Republic of Fiji and a former visiting lecturer of the Sri Lanka Law College.

3. Mr. Rajeeva Bandaranaike Chief Executive Officer of the Colombo Stock Exchange.

Mr. Rajeeva Bandaranaike is the Chief Executive Officer of the Colombo Stock Exchange. He has served in a senior management capacity at the Stock Exchange in Trading, Clearing and Settlement, Branch Development, Marketing, Human Resources and has led several market development initiatives. He has also served as the Chief Executive officer of two listed companies and counts a total of 30 years’ experience in financial services. Mr. Bandaranaike holds a Degree in Law (LLB) from the Open University of Sri Lanka, a Master’s in Business Administration (MBA) from the University of Southern Queensland, Australia, a Post Graduate Diploma in Marketing from the Chartered Institute of Marketing (UK) and the Stock Broker Certification from the Securities Institute of Australia.

4. Mr. Dharmasri Kumarathunge - Committee Member Director, Payments & Settlements - Central Bank Of Sri Lanka

Dharmasri Kumaratunge has more than 30 years’ experience in Central Bank. In his capacity as the Director of the Payments & Settlements of the CBSL he works as Country Director of the SAARC Payment Council (SPC), Alternate Country Director of Sri Lanka in Asian Clearing Union (ACU), Alternate Country Director of SWFIT Alliance, Board Member of Lanka Financial Services Bureau Ltd, Board Member of National Institute of Business Management (NIBM), Member of the National Transit Card Implementation Project. and Secretary of the National Payment Council which is the highest decision making body of the Payment system of Sri Lanka.

5. Mr.Jayantha Fernando - Committee Member Director ICTA

General counsel Jayantha Fernando has over 20 years International & South East Asian experience in a broad range of ICT legal and policy issues. He is an Attorney by profession with a specialized Masters Degree in Law (LLM) in Telecommunications & IT Law. He was responsible for drafting Sri Lanka’s Electronic Transactions Act, Computer Crimes Act and advised Legal Draftsman on the final draft of the Payment & Settlement Systems Act. He chairs Sri Lanka’s Data Protection law Drafting Committee. He is a British Chevening Scholar (2002) and an Eisenhower Fellow (2012).

6. Mr. Sandun Hapugoda - Committee Member Director - Mastercard Sri Lanka & Maldives

With over 19 years of experience in Banking and Payments Industry, currently work as a Director in Sri Lanka and Maldives for Mastercard. He has led several digital financial innovations in Sri Lanka and South Asia region throughout his career at Different Finance institutions. Sandun holds a M.Sc. from Staffordshire University, UK.

7. Air Commodore (Retd) TGJ Amarasena - Committee Member Chief Executive Officer Sri Lanka CERT Served in the Sri Lanka Air Force (SLAF) from 1987 to 2015.
Among the positions he held, Staff Officer R&D to Commander of the Air Force, Chief IT Officer and Command R&D Officer were prominent designations. He has served as a technical member in many National Projects. He was with Lanka Logistics & Technologies Ltd, a company under Ministry of Defence, as its Head of Projects (2016 -2017). After serving in the Cybersecurity Industry for three years, he took over as CEO of Sri Lanka CERT in 2021.

8. Mr. Milinda Rajapaksha : Convener to the Committee & Committee Member Additional Director General, Dept. Govt. Information

Milinda Rajapaksa is an author and experienced political activist. He holds a MBA and is a fellow of University of Miami, Florida on Development Communication. He has 15+ Years of experience in political and corporate communications strategy formulation. Having worked for the United Nations, Ministry of Youth Affairs and co-chaired the World Conference on Youth in 2014, Milinda has a keen interest in the role of youth in politics and development.