Regulatory Alerts2021-05-18
National Payment System Act
The Maldives government enacted Law No. 8/2021 to regulate and oversee the national payment system, establishing the Maldives Monetary Authority as the primary regulatory body. The Act mandates licensing for payment service providers and system operators while defining key terms such as clearing, settlement, and electronic money to ensure system stability and interoperability. It grants the Authority powers to issue rules, conduct audits, enforce compliance, and protect consumers to promote financial inclusion and a competitive market.
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