Maldives to build $9 billion crypto hub to attract investment: Report
The Maldives government signed a $9 billion agreement with MBS Global Investments to develop a crypto and blockchain hub in Malé. The initiative aims to reduce reliance on tourism and fisheries by attracting foreign investment in blockchain and Web3 technologies. The project includes the Maldives International Financial Centre, covering 830,000 square meters and expected to create 16,000 jobs over five years. The investment exceeds the Maldives' annual GDP of $7 billion. Competing with established crypto hubs like Dubai, Singapore, and Hong Kong, the Maldives seeks to position itself as a global financial technology center. Dubai's regulatory environment fosters innovation, while Hong Kong and Singapore also attract significant investment through favorable regulations.
