The government of the Maldives has signed an agreement with Dubai-based investment fund MBS Global Investments to create a large-scale hub for cryptocurrency and blockchain development in the country’s capital, Malé, according to the Financial Times. The project is valued at $9 billion and aims to attract foreign investment in the Web3 and fintech sectors in order to reduce the country’s dependence on tourism and fishing.
Maldives International Financial Centre Project
The center, named the Maldives International Financial Centre, will cover an area of 830,000 square meters and is expected to create up to 16,000 jobs. The project is planned to be completed over five years. The investment volume exceeds the Maldives’ current annual GDP, which is around $7 billion.
The Maldives' ambitions to become a global cryptocurrency hub are bold, especially amid competition from jurisdictions like Dubai, Singapore, and Hong Kong. These regions have already established themselves as attractive locations for digital asset companies due to proactive government support and well-crafted regulatory frameworks.
Dubai Expands Web3 Infrastructure
Dubai, home to MBS Global Investments, is actively advancing its digital asset initiatives. In early April, the local Land Department (DLD) and the Virtual Assets Regulatory Authority (VARA) agreed to integrate the land registry with blockchain technology. The goal is to develop real estate tokenization.
Additionally, construction is underway on a 17-story Crypto Tower in the Jumeirah Lakes Towers business district, intended to serve as an office center for Web3 companies.
Web3 as a Strategic Priority
Amid growing global interest in blockchain infrastructure and asset tokenization, the Maldives hopes to establish itself on the map of international crypto hubs. The agreement with MBS Global Investments could be the first step in this direction — if the country succeeds in fully implementing the project and attracting the required capital.
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