The CFA Society Sri Lanka is scheduled to host the ninth annual CFA Capital Market Awards on 29 June 2022 at the Oak Room of Cinnamon Grand Colombo, under the theme ‘Blockchain Revolution in Sri Lanka’s Capital Market’. The Capital Market Awards is a signature event in the CFA Society Sri Lanka calendar, and among the most sought-after accolades recognizing and rewarding excellence in the local capital markets.
This year’s event theme pertaining to blockchain regulations and in particular, the use of cryptocurrencies, serves to highlight the importance of adopting new technologies for the growth and evolution of the market, as well as supporting the recovery of the local economy.
While the global cryptocurrency market capitalisation surpassed USD 5 trillion this year, unlike the traditional banking industry, certain jurisdictions are further along in defining approaches to regulation of the digital asset industry. As the digital asset industry evolves, so necessarily must the legal and regulatory landscape.
Against this backdrop, in October 2021, Sri Lanka’s cabinet of ministers approved the establishment of a committee to study the feasibility of blockchain-related initiatives. Subsequently in December 2021, local media reported that the Colombo Port City would allow cryptocurrency trading, subject to conditions.
It was also reported in June 2022 that a local DocuSign integrator would be launching Sri Lanka’s first regulated crypto exchange within the Colombo Port City over a 3-month period, having communicated with the Securities and Exchange Commission of Sri Lanka (SEC) and the Central Bank of Sri Lanka to formulate a regulatory framework.
With Sri Lanka recently branching out into crypto payments, NFT auctions and crypto investments, CFA Society Sri Lanka is of the view that there needs to be a conversation around how to regulate markets and how industry players can work with regulators.
As such, this year’s CFA Capital Market Awards is set to feature Gabriella Kusz – CEO of the Global Digital Asset & Cryptocurrency Association (DCA) and Deputy Chair of the Government Blockchain Association (GBA) Regulator Working Group – as the keynote speaker.