The Maldives Monetary Authority (MMA) has announced that 34 new licenses have been issued under the newly implemented Foreign Currency Act. Applications for licenses under the “Money Changing Business Regulation” were opened on October 2 of last year.
Under the newly implemented Foreign Currency Act, foreign currency exchange services can only be provided after re-registration.
The MMA stated that 34 new licenses have been issued under the Foreign Currency Act. This includes 29 Tier 1 licenses and 5 Tier 2 licenses.
Tier 1 category licenses are issued for buying and selling foreign currency. Tier 2 licenses are exclusively for resorts to sell foreign currency.
Although 34 new licenses have been issued under the Money Changing Regulation, the MMA has issued a total of 62 licenses, including these 34. This includes 28 previously licensed entities that have been determined to be able to continue their operations.
The newly implemented Money Changing Business Regulation by the MMA replaces the regulation that had been in effect since 1987. The main purpose of this regulation is to strengthen the oversight of foreign currency exchange businesses and establish modern principles for operating such businesses.
