Mongolia vs Maldives
Crypto regulation comparison
Mongolia
Maldives
Legal
Restricted
Mongolia adopted the Law on Virtual Asset Service Providers (VPSP) in December 2021, establishing a comprehensive regulatory framework. The Financial Regulatory Commission (FRC) registers and supervises crypto exchanges. Over 12 licensed exchanges serve 850,000+ customers. Crypto mining is legal and growing, with tax incentives for renewable energy use.
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
10-25%
Tax Rate
N/A
Exchanges
Yes
Exchanges
No
Mining
Yes
Mining
No
Regulator
Financial Regulatory Commission (FRC) of Mongolia
Regulator
Maldives Monetary Authority (MMA)
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
No stablecoin regulation
Key Points
- Law on Virtual Asset Service Providers (VPSP) adopted December 2021
- FRC registers and supervises crypto exchanges under VPSP law
- Over 12 licensed exchanges serving 850,000+ customers
- Crypto exchange income is taxable and exempt from VAT
- Mongolia launched blockchain-based OTC securities trading in 2025
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