Is Crypto Legal in Maldives?

Cryptocurrency is not legal in the Maldives, as Maldivian law does not allow for cryptocurrencies to be used for valid business transactions in the nation (1). The Maldives Monetary Authority (MMA) has announced that buying and selling of cryptocurrencies is prohibited in the Maldives, with the central bank reiterating this position in 2018 and again in 2021 (1). The MMA has exclusive authority under the Maldives Monetary Act 1981 to issue legal tender, and no party has been granted permission to conduct financial transactions using cryptocurrencies (1).

The Maldives Monetary Authority is in the process of drafting regulations for the introduction of Asset-Backed Online Money, collaborating with the Capital Market Development Authority to develop a regulatory framework (2). Deputy Governor Ahmed Imad acknowledged that while the MMA supports individuals using unbacked cryptocurrencies, these digital currencies are not widely accepted by banks due to their lack of backing by tangible assets or central bank-issued currencies (2). The MMA's focus remains on regulated asset-backed digital money rather than traditional cryptocurrencies (2).

"Although the MMA supports individuals using unbacked cryptocurrencies, these digital currencies are not widely accepted by banks due to their lack of backing by tangible assets or central bank-issued currencies."

One of the reasons governments worldwide are against adopting cryptocurrency transactions is that they are largely unregulated by any governing party (1). Despite the prohibition, the Maldives government has entered into a partnership with Dubai-based MBS Global Investments to establish a $9 billion crypto and blockchain hub in the capital city Malé, aimed at reducing economic dependence on tourism (1). This initiative reflects ongoing discussions about the future role of digital assets in the country's financial system (2).

Source:
https://edition.mv/news/23193
https://themaldivesjournal.com/72946

Last updated: 19-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.