The Central Bank of Maldives has recently issued a stern warning in relation to its prohibitions against any crypto related activities within the country. The Central Bank also warned that contrary to social media advertisements stating that the government is in support of a crypto related entity, the truth is that it is not in support of any of such entity and it will do everything in its power to prosecute such.
Maldives Asia’s Smallest Nation
The Maldives which is recognized as Asia’s smallest nation seems to have followed the footsteps of other top Asian countries like China and India, in its approach toward the crypto industry.
The central bank of Maldives has issued several warnings targeted at making sure the citizens of the country have nothing to do with cryptocurrency, especially trading.
Maldives Monetary Authority (MMA)
The country through the Maldives Monetary Authority (MMA), has also gone further to impose restrictions on individuals and organizations in relation to conducting transactions using virtual currency.
The restrictions by the agency also stated that under law no. 6/81 (Maldives Monetary Act 1981) MMA is solely responsible for permitting any money exchange businesses in the Maldives.
The MMA has also made it know that any organization or individual caught violating the law by utilizing virtual currencies or cryptocurrencies will be facing the full wrath of the law and no reservations will be made for anyone in relation to this.
The Central Bank of Maldives is not Alone
Across Asian, the Central Bank of Maldives is not alone in issuing this type of strict laws against the use of cryptos. China, for example, has issued a total ban on all activities that are related to cryptocurrency in anyway or form. The country has gone as far as placing all popular local and foreign crypto related websites on a blacklist, thus making them non-accessible to its citizens.