Country overview

#138
Maldives

Country stats

Rating Points
35
This indicator describes the overall rating of a given jurisdiction on several parameters according to cryptocurrency operations - market volume, crypto regulation, business climate, taxation framework.
Crypto Penetration
13%
Estimated percentage of crypto users out of the country's total population based on public data.
Legal Entities
0
Number of crypto companies registered in the country based on regulator data if available or other types of public data.
Regulation Points
0
An overall assessment of the granularity of crypto regulation in a given country. A high score is also given to countries where cryptocurrency transactions are highly regulated.
Amount of crypto users
5Β 353
Total amount of crypto users out of the country's total population based on public data.
Taxation points
15
This figure, according to our analysts' calculations, indicates the overall level of tax burden for cryptocurrency transactions in a given country. The higher the indicator, the lower the burden.
Market volume points
0
A rough estimate of this jurisdiction's retail crypto market relative to the rest of the world. The higher the indicator, the higher the market potential.
Status of crypto
No info
General status of cryptocurrency regulation in this jurisdiction.
Crypto payments
Ban
The legal status of cryptocurrency payments for goods and services in a given country based on information from regulators, public data and feedback from our community.
Security Level
Safe place
The overall level of security in a given country based on open data.
Crypto Salaries
Ban
The legal status of cryptocurrency salaries to employers in a given country based on information from regulators, public data and feedback from our community.
Business Climate
No info
Overall assessment of the friendliness of this country for crypto-business. This indicator takes into account the cost of obtaining a license and the attitude towards crypto entities in the country.
Stablecoin Regulation
No info
This indicator is evaluating the regulation of stablecoins in a given country. Complex regulation means that it is possible to issue steiblcoins and obtain a license for this activity. Basic regulation means that the issuance of stablecoins is possible, but not all legal aspects are defined in the law. Standard regulation means that there is a legal practice of steylcoin circulation in a given country.
Bad Factors
No
This section describes the unfavorable economic factors for crypto-business in a given country. These are countries that are under sanctions or on the FATF grey list and other factors.
Types of licenses
No licenses exist
Good
Medium
Bad
intro

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).

Security level

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. 

Crypto Payments

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

Crypto Salaries

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

Legal

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. 

Taxation

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

Links

1) πŸ‘‰πŸ»Maldives. Wikipedia

2) πŸ‘‰πŸ»Visa for Maldives

3) πŸ‘‰πŸ»Residence permit in Maldives 

4) πŸ‘‰πŸ»Residence permit in exchange for investment

5) πŸ‘‰πŸ»Citizenship in Maldives

6) πŸ‘‰πŸ»Crime Index by Country 2023 Mid-Year

7) πŸ‘‰πŸ»List of countries by intentional homicide rate

8) πŸ‘‰πŸ»Cryptocurrency is not a legal tender: MMA

9) πŸ‘‰πŸ»Concerns over cryptocurrency trading in the Maldives

10) πŸ‘‰πŸ»Maldives. PWC