Maldives’ Central Bank Denies Issuing Permits
for Crypto Transactions
The central bank of the Maldives has warned citizens to be wary of advertisements appearing on social media platforms relating to the trading of cryptocurrencies.
In a press release, the Maldives Monetary Authority (MMA) cautioned members of the public against transacting in cryptocurrencies pointing out that it was the only agency responsible for licensing money exchange business and international as well as domestic money-remittance firms.
According to the central bank of Asia’s smallest country by both area and population, no permit has been issued to any organization authorizing the use of cryptocurrencies in conducting financial transactions.
“…no party has been granted permission to conduct any financial transactions using cryptocurrencies or other virtual currencies in the Maldives. Furthermore, the issuance of any legal tender by any other party is against the law,” wrote the Maldives Monetary Authority in a statement.