The Maldives Monetary Authority (MMA) has revealed that 98 applicants sought licences to trade foreign exchange under the newly enacted Foreign Exchange Regulation, following the expiration of the application deadline on November 30.

Among the 98 applicants, 79 have applied for a Tier 1 licence, which allows businesses to buy and sell foreign currency. Of these, 44 are completely new applicants, while 35 are previously licensed businesses.

In addition, 19 applicants have applied for Tier 2 licences, which permit the sale of foreign currency to specific entities, with five of them being new applicants and 14 former licence holders.

Currently, there are 212 money-changing licence holders in the Maldives. However, only 49 of these businesses have applied for a completely new licence under the new regulation.

The MMA emphasised that existing money-changing businesses licensed by the Authority can continue their operations under the new rules, provided they submit their applications within the stipulated period.

This surge in licence applications highlights the growing interest in foreign exchange trading as the Maldives’ financial landscape adapts to the updated regulatory framework.