The Maldives Monetary Authority (MMA) has authorised 34 new entities to conduct foreign currency transactions under the Foreign Exchange Act, which came into force in January 2025.

Of the new licences, 29 fall under the first category, permitting the buying and selling of currency, while five are second-category permits, allowing resorts to sell foreign currency.

According to the MMA, the approvals were granted following applications made under the re-registration process mandated by the new law. In addition to the newly licensed entities, 28 individuals previously engaged in currency transactions have also been granted approval to continue operations.

The Foreign Exchange Act introduced updated requirements aimed at modernising foreign currency trading in the Maldives, replacing regulations that had been in place since 1987. The MMA said the changes are designed to ensure compliance with current standards and strengthen oversight of the sector.