Virtual assets legislation concept paper presented to NCC By Duruthu Edirimuni Chandrasekera View(s): View(s):The proposed Concept Paper to regulate Virtual Asset Service Providers (VASPs) was recently presented to the National Coordinating Committee (NCC) on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) by Eranga Weeraratne, Deputy Minister of Digital Economy and Chairman of the Sub-Committee established under the NCC. He told the Sunday Times Business that VASP regulation will entail registering such service providers and businesses at the initial stages. The NCC was appraised with the timeline proposed by the Minister for the implementation of a phased-out regulatory framework for VASPs. Meanwhile, the CB is awaiting legislation amendments to the Financial Transactions Reporting Act, which will include virtual assets within the definition of financial institutions. Share This Post FacebookTwitterEmail × Send Email to FriendSend Please enter valid email WhatsappDeliciousDiggGoogleStumbleuponRedditTechnoratiYahooBloggerMyspaceRSS
