The Maldives Monetary Authority (MMA) has introduced important updates regarding the registration of tourism entities and the application for money changer licenses. These developments are part of the regulatory changes aimed at strengthening the Maldives’ foreign exchange market and ensuring better compliance.
Under the Regulation on Foreign Currency (2024/R-91), effective from 1st October 2024, all entities liable for Tourism Goods and Services Tax (TGST) must register with the MMA for reporting purposes. This registration is mandatory for all entities registered with the Maldives Inland Revenue Authority (MIRA), and the process must be completed using the FX Portal Registration Form by 31st October 2024. Entities that become TGST liable after 1st October are required to register within 30 days of their TGST registration. The link to the registration form can be found here.
Simultaneously, the new Regulation on Money Changing Business (2024/R-92), also effective from 1st October 2024, outlines two tiers of licenses for money changers. Companies wishing to engage in foreign currency exchange must apply for either a Tier 1 Money Changing License (for buying and selling foreign currency) or a Tier 2 Money Changing License (for selling foreign currency in tourist resorts). Applications for the renewal of existing licenses or new licenses must be submitted via the License Application Form no later than 30th November 2024. The application form can be accessed here.
These initiatives are part of the MMA’s ongoing efforts to maintain financial stability and ensure a transparent foreign exchange market in the Maldives.
