Maldives Monetary Authority Takes Anti-Crypto Stance, Says No Licenses Have Been Issued

Maldives’ Central Bank Takes Anti-crypto Stance

The Maldives Monetary Authority (MMA) has warned citizens about the false reports making the rounds on crypto trading-saying it did not license any platform to so do.

In a recent release, the Maldives Central Bank cautioned against transacting in cryptocurrencies noting that it was the only agency responsible for licensing money exchange business and international as well as domestic money-remittance firms.

There had been misleading ads on Facebook claiming that the MMA had approved crypto transactions in the smallest Asian country. However, the government’s bank said it hadn't issued permit to any organization to conduct cryptocurrency transactions.

“The issuance of any legal tender by any other party is against the law,” the MMA release said in part. “No party has been granted permission to conduct any financial transactions using cryptocurrencies or other virtual currencies in the Maldives.”

Meanwhile, the Maldives central bank is not alone in its anti-cryptocurrency stance. Only recently, the Zambian central bank, the Bank of Zambia (BoZ), stated that cryptocurrencies were not legal tender in the Southern African country and warned that Zambians engaging in trading or transacting in digital assets were doing so at their own risk.

“Cryptocurrencies are not legal tender in the Republic of Zambia; Secondly, BoZ does not oversee, supervise nor regulate the cryptocurrency landscape,” read a statement from the BoZ as CCN recently reported. “Consequently, any and all activities related to the buying, trading or usage of cryptocurrencies are performed at owner’s risk.”

Elsewhere, the People’s Bank of China, put out a public notice urging investors to avoid speculating in cryptocurrencies and overseas-issued Initial Coin Offerings. Despite a ban on all ICOs, trading in cryptocurrencies in mainland China has persisted as domestic investors have flocked to offshore exchanges.

Other reserve banks which have taken an anti-cryptocurrency stance include the Central Bank of Samoa and the Bank of Laos. In the island nation of Samoa, the country’s central bank has not only stated that cryptocurrencies do not possess a legal tender status but has gone ahead to require promoters of cryptocurrencies to acquire the same licenses as financial institutions.

The Bank of Laos, on the other hand, has also equally cautioned against trading in digital assets. Nevertheless, there has been some positives shown by national banks of some countries. For instance, the Monetary Authority of Singapore recently indicated that it would assist domestic cryptocurrency exchanges and other crypto startups access banking services as a way of fostering the country’s fintech sector.

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