Online Forex trading in Maldives is legal and operates under regulations established by the Maldives Monetary Authority. The MMA manages the exchange rate, requires licenses for foreign exchange operations, and intervenes to stabilize rates while managing reserves for currency stability. All domestic transactions must be conducted in Maldivian Rufiyaa, with foreign currency transactions permitted only under specific circumstances defined by law (1).
The Foreign Currency Act establishes a comprehensive framework for managing foreign currency transactions in the Maldives and regulating currency exchange practices. Businesses operating under Maldivian law must exchange foreign currency obtained from realized sales proceeds with banks, which must sell specified percentages to the MMA. Tourism establishments are categorized into groups with different exchange requirements, ranging from $25 to $500 per tourist per month or twenty percent of gross monthly sales (2).
"The bill aims to establish clear guidelines for managing foreign currency transactions in the Maldives and regulate currency exchange practices. The legislation mandates that all domestic transactions must be conducted in Maldivian Rufiyaa."
The General Regulation on Foreign Currency provides detailed procedures for depositing and converting foreign currency income, with businesses required to submit sales reports and declarations through the MMA's Foreign Exchange Portal. Persons required to deposit or convert foreign currency must retain records for five years, and penalties apply for non-compliance including fines up to one million Rufiyaa or percentages of required conversion amounts. The MMA oversees implementation with authority to grant exemptions based on policy considerations (1).
Source:
http://www.mma.gov.mv/documents/Laws/General%20Regulation%20on%20Foreign%20Currency%20(English).pdf?v=2
https://presidency.gov.mv/Press/Article/32475
Last updated: 15-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
