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Kyrgyzstan vs Maldives

Crypto regulation comparison

Kyrgyzstan

Kyrgyzstan

Maldives

Maldives

Legal
Restricted

Kyrgyzstan adopted the Law on Virtual Assets in 2022 requiring licensing for exchanges, mining, and VASPs. Over 120 licensed VASPs operate. Crypto turnover exceeded traditional securities market in 2024.

The Maldives Monetary Authority has warned against cryptocurrency and does not recognize it as legal tender. No specific legislation exists but the MMA discourages crypto activities.

Tax Type Income
Tax Type None
Tax Rate 10%
Tax Rate N/A
Exchanges Yes Yes
Exchanges No No
Mining Yes Yes
Mining No No
Regulator State Financial Supervision Authority
Regulator Maldives Monetary Authority (MMA)
Stablecoin Rules Regulated under Virtual Assets Law
Stablecoin Rules No stablecoin regulation
Key Points
  • Law on Virtual Assets adopted in 2022 with licensing framework
  • Over 120 licensed VASPs active by late 2024
  • Three license types: trading operator, currency exchanger, mining operator
  • Crypto sector contributed 800M KGS in taxes in 2024
  • Virtual assets not recognized as legal tender but circulate under special regime
Key Points
  • MMA has warned against cryptocurrency use
  • Crypto not recognized as legal tender
  • No specific cryptocurrency legislation
  • Financial institutions discouraged from dealing in crypto
  • Limited crypto adoption