Maldives Cracks Down on Cryptocurrency Use Due to Money Laundering Concerns

Introduction

The Maldivian Monetary Authority (MMA) has issued a stern warning against the use of cryptocurrencies, citing concerns over money laundering, terrorism financing, and fraud. The country’s central bank emphasizes that only the Maldivian Rufiyaa is considered legal tender in the Maldives.

Background

• The MMA has expressed strong disapproval for cryptocurrency trading and transactions.
• Only Bitcoin, Etherium, Litecoin, and other digital currencies are affected by this stance.
• While there are no specific regulations governing cryptocurrencies in Maldives, the central bank monitors global developments closely.

Consequences of Non-Compliance

The MMA warns that violating these rules will result in severe penalties:

• Fines: Individuals who engage in cryptocurrency transactions may face hefty fines.
• Imprisonment: Those found guilty of money laundering or terrorism financing may be imprisoned.

Cryptocurrencies Affected

Some of the most popular cryptocurrencies in Maldives include:

• Bitcoin
• Etherium
• Litecoin
• Dogecoin
• Tether
• Cardano
• USDT
• XRP
• Monero

Staying Informed

The MMA’s official website is a valuable resource for those seeking more information on the laws and regulations surrounding cryptocurrencies in Maldives.