Maldives and Cryptocurrency

Maldives Cryptocurrency Laws
Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology

In 2018 several banks in the Maldives announced that no organization or party in the Maldives has been granted permission to carry out any sort of financial transactions utilizing cryptocurrencies or any sort of virtual currencies.[1]The Maldives Monetary Authority (MMA) further emphasized that under law no. 6/81 (Maldives Monetary Act 1981) that the MMA is solely responsible for permitting any money exchange businesses in the Maldives and pursuant to the same law is the sole issuer of the Maldivian currency.[2]

P.S. Insights on Cryptocurrency Legal Issues

Most jurisdictions and authorities have yet to enact laws governing cryptocurrencies, meaning that, for most countries, the legality of crypto mining remains unclear.

Under the Financial Crimes Enforcement Network (FinCEN), crypto miners are considered money transmitters, so they may be subject to the laws that govern that activity. In Israel, for instance, crypto mining is treated as a business and is subject to corporate income tax. In India and elsewhere, regulatory uncertainty persists, although Canada and the United States are relatively friendly to crypto mining.

However, apart from jurisdictions that have specifically banned cryptocurrency-related activities, very few countries prohibit crypto mining.

Our Freeman Law Cryptocurrency Law Resource page provides a summary of the legal status of cryptocurrency for each country across the globe with statutory or regulatory provisions governing cryptocurrency.  The globe below provides links to country-by-country summaries:

Podcast:

The Freeman Law Project – Cryptocurrency Regulation and Taxation: A Brief Primer

Is cryptocurrency legal in the Maldives?

Do you have questions about cryptocurrency, digital currencies, or blockchain technology?
Freeman Law can help with digital currencies, tax planning, and tax compliance. Contact us now to schedule a consultation or call (214) 984-3410 to discuss your cryptocurrency and blockchain technology concerns.


[1] Maldives Monetary Authority, Number: IL-OFI/2018/66: “Concerns over crypto currency trading in the Maldives”, 11 October 2018, http://www.mma.gov.mv/#/news/IL-OFI-2018-66(english).html

[2] Id.

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