Maldives Monetary Authority (MMA) has assured no party was granted permission to conduct any financial transaction using crypto currencies or other virtual currencies in Maldives. A notice issued by MMA said the issuance of any legal tender by any other party is against the law.
Accordingly, MMA cautioned the general public on the use of crypto currency and other virtual currencies. MMA made the announcement in the wake of social media advertisements regarding trading of crypto currencies in Maldives. Following the advertisements, MMA said all domestic and international money remittance businesses, as well as money exchange businesses in the Maldives, are governed by MMA under Maldives Monetary Authority Act.
Additionally pursuant to the same law, MMA is the sole issuer of the Maldivian currency.