How to Buy Cryptocurrency in Sri Lanka
Buying cryptocurrency in Sri Lanka
In Sri Lanka, the legal status of cryptocurrencies is yet to be defined and made clear. CBSL, the Central Bank of Sri Lanka, declared its intentions to back virtual currencies, even if the development of a cryptocurrency sector in the country could take years. The reasons behind this are relatively low Internet use in Sri Lanka and the populations’ minimal knowledge of Bitcoin. Even so, buying and selling cryptocurrency in the country isn’t illegal. Aware of the rising interest in cryptocurrencies like Litecoin, Ethereum and Bitcoin, CBSL announced its plans to enforce the development of a Know Your Customer (KYC) platform based on blockchain in 2019. CBSL also added that this platform would improve efficiency and inclusion in the financial sector. Another blockchain project of the Sri Lankan government is the Etherisc startup, which uses Ethereum and works to provide affordable insurance prices for small rice farmers with low incomes.
As of 20/03/2021
These exchanges all accept customers from Sri Lanka. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.
- Very low trading fees
- Large range of coins and trading pairs
- High liquidity
- Slow account verification
- Two major hacks
Founded in 2017, KuCoin has already managed to establish itself as â€śThe Peopleâ€™s Exchange.â€ť With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.
- Vast selection of altcoins
- Ability to stake & earn crypto yields
- Robust security features
- No forced KYC checks
- No fiat currency deposits
- Trading volume is low
Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesnâ€™t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.
- Non-custodial exchange
- Great way to switch altcoins
- Doesnâ€™t require extensive KYC
- 2FA security and high exchange limit
- A high transaction fee of 0.5%
- Unclear owners
- Sometimes their service is quite slow
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options