Attorney General Ahmed Usham has stated that work is underway to amend relevant laws to prevent money from leaving the Maldives without entering the domestic economy through the use of cryptocurrencies.

Speaking at a press conference at the President’s Office today, Usham said the issue was being addressed as part of ongoing efforts to strengthen the legal framework surrounding foreign currency transactions.

Usham made the remarks in response to a question about businesses accepting payments in US dollars through cryptocurrencies, including payments made directly by tourists, which could result in foreign currency bypassing the Maldivian economy.

Usham said the government is working with the Maldives Monetary Authority (MMA) to introduce the necessary legal and regulatory reforms. He added that he had discussed the matter with MMA Governor Ahmed Munawwar and that the relevant amendments could be introduced soon, potentially during the upcoming parliamentary session.