Sri Lanka's Cabinet approved several significant proposals on Tuesday, including a 15 billion rupee expressway contract, cryptocurrency regulation oversight, and constitutional amendments affecting judicial retirement age, alongside stock market gains and corporate developments.

Sri Lanka's Cabinet of Ministers approved a series of initiatives spanning infrastructure, financial regulation, and governance during a Tuesday session led by Cabinet spokesman Nalinda Jayatissa.

The government greenlit a 15 billion rupee contract for the first phase of the Ruwanpura Expressway Project, which will connect Kahathuduwa to Ingiriya and include a System Interchange at Kahathuduwa linking to the existing Southern Expressway. The Road Development Authority is expected to complete the procurement process and award contracts to a suitable contractor within 2026 using approved local budgetary allocations. The project aims to enhance transit links across the Western and Sabaragamuwa provinces by integrating them into the island's expanding expressway network.

In financial regulation, the Cabinet designated the Securities and Exchange Commission as the official regulator for virtual assets and cryptocurrency service providers. The decision responds to recommendations from a specialized sub-committee addressing money laundering and terrorism financing concerns. Currently, Sri Lankan investors rely heavily on offshore platforms operating outside local regulatory frameworks. The new oversight model will require virtual asset service providers to comply with anti-money laundering frameworks, transaction reporting, and registration requirements under joint supervision involving the Central Bank's Financial Intelligence Unit and the Inland Revenue Department.

The government also approved the establishment of a state-owned company to manage multimodal transport hubs, with operations at Makumbura and Kadawatha already functioning and construction ongoing in Anuradhapura and Kandy. Additionally, the Cabinet approved the disposal of 195.89 million rupees in accumulated scrap metal from the state-run Transport Board, awarding contracts to six industrial bidders including Ashok Steel Industries, which secured the largest share at 89.42 million rupees.

Constitutionally, the Cabinet approved amendments to increase the statutory retirement age of judges, sparking controversy. Officials claim this aims to retain experienced judicial personnel across all court tiers, though observers view it as an attempt to extend the sitting chief justice's tenure. The Bar Association of Sri Lanka and the Judicial Service Association have raised concerns, urging consultation before constitutional changes and calling instead for addressing existing appellate court vacancies.