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Maldives vs Somalia

Crypto regulation comparison

← Back to map | Maldives | Somalia
Maldives

Maldives

Somalia

Somalia

Restricted
No Regulation

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.

Somalia has no specific cryptocurrency regulation. The fragmented governance structure makes unified regulation extremely difficult. Mobile money dominates the financial landscape.

Tax Type None
Tax Type None
Tax Rate N/A
Tax Rate N/A
Exchanges No No
Exchanges Yes Yes
Mining No No
Mining Yes Yes
Regulator Maldives Monetary Authority (MMA)
Regulator Central Bank of Somalia
Stablecoin Rules No stablecoin regulation
Stablecoin Rules No stablecoin regulation
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
Key Points
  • No specific cryptocurrency legislation
  • Fragmented governance limits regulatory development
  • Mobile money dominates informal financial system
  • Very limited formal financial infrastructure
  • No licensing framework for crypto services
Sources
Sources