Country overview

This is general info about crypto regulation in Maldives. A more precise overview will be published later. However, if you find any inaccuracy or have other feedback - please write us in telegram @ilya_ii or by e-mail - editor@cryptopenetration.com

The Maldives is an archipelago state located in South Asia and the Indian Ocean. The population of the state is 515,000 people, and the area is 300 km2 according to Wikipedia (1).

Citizens from all around the globe have the opportunity to obtain a Maldives visa upon arrival at no cost, allowing them to stay for a maximum of 30 days as per VisaGuide (2). Additionally, individuals can apply for a business visa in the Maldives. Maldives has a digital nomad visa. It’s also possible to get a marriage visa for 1 year or someone who has invested in a local business according to Direct U.S. (3). 

Investors can get a corporate resident residence permit(4). For this purpose it’s essential to invest in the country at least $1,000,000 for 3 years. Also there is a option to deposit $250,000 in a local bank account or invest in a company approved by local authorities.

Citizenship (5) of the Republic of Maldives can be acquired based on the following reasons: birth, adoption, marriage to a Maldivian citizen, or naturalization (12 years).

Maldives is a safe place at the security level according to our rating. Jurisdiction has 45.0 points (from 100) for safety level in Numbeo crime rating (6). The homicide level (7) is 0.6 per 100,000 inhabitants a year. 

In 2021 Maldives Monetary Authority (MMA) claimed (8) that the Maldivian law does not allow for cryptocurrencies to be used for business transactions. 

Since crypto payments are prohibited in the Maldives, we can conclude that paying salaries in cryptocurrencies is also prohibited.

In 2018 The Maldives Monetary Authority (MMA) has published a statement (9) about crypto regulation on Maldives. MMA stated that there is no organization authorized for crypto operations in the country under the law no. 6/81 (Maldives Monetary Authority Act 1981). The MMA also warned of the risks of using cryptocurrencies. As mentioned above in 2021 MMA claimed that crypto payments are not legal in the country. At the same time, cryptocurrencies are not banned in the Maldives, but according to our information there is no regulation for them yet. 

The headline PIT rate is 15%. The headline CIT rate is 15%. Capital gains are subject to the normal income tax rate following PWС taxsummaries (10).

1) 👉🏻Maldives. Wikipedia

2) 👉🏻Visa for Maldives

3) 👉🏻Residence permit in Maldives 

4) 👉🏻Residence permit in exchange for investment

5) 👉🏻Citizenship in Maldives

6) 👉🏻Crime Index by Country 2023 Mid-Year

7) 👉🏻List of countries by intentional homicide rate

8) 👉🏻Cryptocurrency is not a legal tender: MMA

9) 👉🏻Concerns over cryptocurrency trading in the Maldives

10) 👉🏻Maldives. PWC