The Maldives Monetary Authority (MMA) has amended the money exchange regulations to allow deposits between businesses even if there are no physical counters for currency exchange.

Under the new amendment, two categories of businesses can operate under the Tier 1 Money Changing Licence.

  • Category A: Buying and selling foreign currency for individuals, businesses, and other entities.
  • Category B: Buying and selling foreign currency exclusively between businesses.

The amendment also sets specific fees and conditions for money-changing operations. Businesses applying for permission to sell money at an additional location or over the counter must pay a non-refundable fee of MVR 40,000, even if the permit is not granted. A renewal application requires a fee of MVR 20,000.

Businesses holding a Tier 1 licence are required to pay an annual fee of MVR 48,000 to the MMA. An additional MVR 24,000 must be paid annually for each additional licensed premise.

The regulation also mandates that any change in the address of a licensed location must receive prior approval from the MMA.

For Category A businesses, cash transactions involving foreign currency of MVR 50,000 or more must be conducted through bank accounts to ensure transparency and regulatory compliance.