The Maldives Monetary Authority (MMA) has ordered businesses earning $15 million or more annually to register with the authority. This directive has been issued under the newly implemented Foreign Currency Act. The MMA has gazetted the “Regulation on Registration under the Foreign Currency Act” under this law.
According to the MMA, among those selling goods and providing services in the tourism sector, those who have not previously registered must do so before the 13th of this month. New businesses are instructed to register within 30 days, while businesses outside the tourism and financial sectors that earned more than $15 million in 2024 must register before February 3.
From 2025 onwards, entities earning more than $15 million annually must register before the end of January of the following year. The MMA has stated that those required to register must do so through the Foreign Exchange Registration Portal available on the MMA website.
The main objective of this new regulation is to monitor foreign currency transactions of large businesses operating in the Maldives and to strengthen the country’s economic activities. By registering such businesses, the MMA will receive important information about the circulation of foreign currency in the Maldives, making it easier to formulate related policies. Economic experts predict that this will further strengthen the foreign exchange market and increase the country’s economic well-being. However, some business owners have expressed concerns about the regulation, calling it an additional bureaucracy.
