How To Buy Bitcoin in Sri Lanka?

Bitcoin and cryptocurrency are gaining popularity around the world, including in Sri Lanka. For those in Sri Lanka looking to get started with bitcoin, here is a brief overview of some of the options available to buy bitcoin locally, once we go through crypto regulations in Sri Lanka.

Crypto Regulations in Sri Lanka

In Sri Lanka, cryptocurrencies are not officially recognized as a legitimate asset class and are viewed as unregulated investment tools. The Central Bank of Sri Lanka (CBSL) has cautioned the public about using cryptocurrencies due to the absence of regulatory protections and the high risks involved. Key aspects of Sri Lanka’s stance on cryptocurrency regulations include:

  1. Ban on Pyramid Schemes: Under Section 83(C) of the Banking Act No. 30 of 1988, pyramid schemes are illegal in Sri Lanka. Violators can face up to 3 years in prison or a fine of up to LKR 1,000,000.
  2. Emphasis on KYC and AML Regulations: Strengthening Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations is essential for maintaining market integrity and adhering to tax regulations.
  3. Restrictions on Electronic Fund Transfer Cards: The use of Electronic Fund Transfer Cards (EFTCs), including debit and credit cards, for cryptocurrency transactions is prohibited.
  4. Regulations on ICOs and Mining: The CBSL has not granted any licenses or authorization for conducting Initial Coin Offerings (ICOs), cryptocurrency mining, exchanges, deposit-taking, or custody services related to cryptocurrencies.
  5. Warning on Investment Risks: The CBSL has alerted the public to the substantial risks of investing in cryptocurrencies, highlighting their largely unregulated nature and potential for financial loss.

Despite these regulations and warnings, there have been instances of Sri Lankans falling victim to fraudulent cryptocurrency schemes, prompting the CBSL to consider criminal action in some cases.

Easiest and cheapest ways to buy crypto in Sri Lanka

Getting bitcoins in Sri Lanka is not an easy task as not all popular crypto exchanges are available to Sri Lanka citizens. This is a current list of bitcoin exchanges that allow users from Sri Lanka to buy crypto. They all support buying crypto with credit/debit cards but some of them offer other payment methods as well.

Established & high liquidity
How To Buy Bitcoin in Sri Lanka?

Binance

👛 Ease of Use – Medium
👛 Fees – Low
👛 Verification – 1 Day
👛 Reputation – Trusted
👛 Supported fiat – USD, EUR, GBP, AUD, RUB

Over 30 million users worldwide and more than $15 billion in daily trading volume make Binance the world’s largest centralized cryptocurrencies exchange. Originally launched in 2017 in Hong Kong, the platform is still unregulated, it quickly became the most used exchange on the market. Binance is supported in 60+ countries (excluding the U.S).
More info +
Regulated & very safe
How To Buy Bitcoin in Sri Lanka?

Coinmama

👛 Ease of Use – Easy
👛 Fees – High
👛 Verification – 1 Day
👛 Reputation – Trusted
👛 Supported fiat – USD, EUR, GBP, CAD, AUD

Founded in 2013 in Israel, Coinmama is one of the oldest crypto exchanges in the business. With its current headquarters in Dublin, Ireland, this centralized cryptocurrency exchange allows its users to quickly and securely buy and sell cryptocurrencies.
More info +
Regulated & Long Established
How To Buy Bitcoin in Sri Lanka?

Cex.io

👛 Ease of Use – Easy
👛 Fees – High
👛 Verification – 1 Day
👛 Reputation – Trusted
👛 Supported fiat – USD, EUR, GBP, RUB

Founded in 2013 in London, UK, and with over 4 million users, Cex.io is among the oldest cryptocurrency exchange platforms on the market. On Cex.io, you can buy, sell, trade, and store over 100 cryptocurrencies.
More info +

Read also:

Best Bitcoin Wallets in Sri Lanka

It is never a good idea to keep your coins on an exchange as that exposes you to numerous risks (exchange hacks, fund freezes by the exchange or some government regulatory body, etc). That is why you should use one of the wallets we list below to store your digital assets.

But, which bitcoin wallet is available in this country?

The safest option is a hardware wallet like Nano X but ZenGo is also a good choice, especially for newcomers.

Bottom Line
Pros
Cons
ZenGo
Mobile
Visit Now
Bottom Line
ZenGo is an easy iOS/Android Bitcoin & cryptocurrency wallet. Getting started takes less than 20 seconds.
Pros
extremely safe as it uses biometrics for security
you can buy crypto directly from it
has savings and staking account
Cons
No major flaws
exodus wallet
Exodus
Desktop
Visit Now
Bottom Line
Electrum is one of the oldest and most popular desktop multi-currency wallets which is compatible with Windows, Mac, and Linux
Pros
One of the oldest wallets in the market
you can buy and stake directly from the wallet
supports all major coins and blockchains
Cons
Not completely open source
ledger-nano-x
Ledger Nano X
Hardware
Visit Now
Bottom Line
Ledger Nano X is a leading and most secure cold storage wallet that connects to your device via Bluetooth.
Pros
Safest wallet in the market
competitive price
supports a lot of coins
you can buy directly from the wallet
stake directly from the wallet
Cons
Small display
complicated to setup for newbies
Regulated & high liquidity
How To Buy Bitcoin in Sri Lanka?

Kraken

👛 Ease of Use – Easy
👛 Fees – Average
👛 Verification – 2-3 Days
👛 Reputation – Trusted
👛 Supported fiat – USD, EUR, GBP, JPY, CAD

Established in 2011, Kraken has carved a niche for itself as a trusted and reliable crypto exchange. It boasts support for an impressive roster of over 220 digital assets, encompassing major cryptocurrencies like Bitcoin, Ethereum, Cardano, and many others. Security has always been a cornerstone for Kraken, making it a go-to choice for many.
More info +
Established & high liquidity
bitfinex

Bitfinex

👛 Ease of Use – Easy
👛 Fees – Low
👛 Verification – 1 Day
👛 Reputation – Trusted
👛 Supported fiat – USD, EUR, GBP, JPY, and CNH

Founded in 2012, this exchange from the British Virgin Islands represents one of the oldest crypto exchanges in the community. The large ecosystem of crypto products and trading options (spot trading, margin trading, derivatives, paper trading, and more) makes Bitfinex one of the most popular exchange platforms by volume.
More info +

Frequently asked questions about buying Bitcoin in Sri Lanka

intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!

We will be happy to hear your thoughts

Leave a reply

CaptainAltcoin
Logo