The Maldives Monetary Authority (MMA) has urged the public to refrain from engaging in foreign exchange transactions with unauthorized parties, as conducting such business without a license is a legal offense. While 59 entities have been licensed to provide these services to date, the Authority advises individuals to verify the licensing status of any non-banking entity before conducting transactions. Furthermore, to modernize and strengthen the oversight of the foreign exchange market, a new regulation has been implemented, replacing the previous framework established in 1987.
