Maldives Compliance Report

Regulatory Overview

Regulatory Status

Dedicated crypto/VA legislation, licensing regime, active enforcement

Key Regulator(s)

Maldives Monetary Authority

Primary Legislation

Prevention of Money Laundering and Financing of Terrorism Act (No. 10/2014): Thi, Law No. 10/2014, Anti-Money Laundering and Countering the Financing of Terrorism Act Maldives 2014, Law No. 6/2004

Travel Rule

Adopted — Threshold: ,

Tax Reporting

Individuals: The Maldives does not impose a general capital gains tax on individuals. Therefore, gains realized by individuals from the sale of cryptocurrencies would generally not be subject to capital gains tax.. Businesses: If an entity (company, partnership, sole proprietorship) is deemed to be engaged in the business of trading cryptocurrencies, the profits derived from such activities would likely be considered taxable income under the Business Profit Tax (BPT). In this scenario, it wouldn't be a separate "capital gains tax" but rather profits subject to BPT.. No Personal Income Tax: The Maldives does not have a personal income tax for individuals. As such, income earned by individuals through cryptocurrency activities (e.g., trading, mining for personal use) would generally not be subject to income tax, provided it is not considered a business activity.. Business Activity: If an individual's cryptocurrency activities are deemed to constitute a "business" (e.g., frequent, large-scale trading; professional mining operations; providing crypto-related services), the profits from such activities would fall under the Business Profit Tax (BPT).. Applicability: The Business Profit Tax (BPT) is levied on the profits of businesses conducted in the Maldives. If an entity (e.g., a company registered in the Maldives) engages in activities like cryptocurrency trading, mining, or offering crypto-related services (e.g., exchange services, wallet services), the profits generated from these activities would be subject to BPT.

Key Facts

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