The Maldives Monetary Authority (MMA) has announced the expiration of money-changing licenses for businesses that failed to apply under the new Regulation on Foreign Currency, which introduced Tier-1 and Tier-2 licensing categories. The application window, which opened on 2 October, closed on 30 November 2024.
During this period, the MMA received 98 applications for licences. Of these, 79 were for Tier-1 licences, allowing businesses to buy and sell foreign currency. This group included 44 first-time applicants and 35 previous licence holders. Meanwhile, 19 applications were submitted for Tier-2 licences, which authorise the sale of foreign currency exclusively to resorts. Among these, five were first-time applicants, while 14 were previous licence holders.
Currently, there are 212 licensed money exchange businesses in the Maldives, including 49 first-time applicants under the new regulation.
The MMA has clarified that businesses that submitted applications before the deadline can continue operating under their existing licences until the authority completes its review and issues new licences. This transitional arrangement ensures continuity for applicants while the MMA assesses compliance with the updated regulatory framework.
To ensure public transparency, the MMA has published lists of both authorised money changers and those whose licenses have been revoked.
For further inquiries, the MMA has encouraged entities to contact the authority via email at licensing@mma.gov.mv or during official hours.
The updated regulations and licensing framework reflect the MMA’s efforts to enhance regulatory oversight and streamline operations in the financial sector, ensuring robust compliance and transparency.
