Maldives to Establish $9 Billion Crypto Hub
The Maldives government has entered into a partnership with MBS Global Investments, a Dubai-based family office, to establish a $9 billion crypto and blockchain hub in Malé, the capital city of the island nation in the South Pacific.
As reported by the Financial Times, the agreement, signed on May 4, aims to reduce the country's economic dependence on tourism and fisheries by drawing in foreign direct investment focused on blockchain and Web3 development.
Plans for the project include the creation of the Maldives International Financial Centre, a massive 830,000-square-meter complex expected to provide jobs for up to 16,000 people.
The initiative is projected to take five years to complete and requires funding that exceeds the Maldives’ current annual gross domestic product (GDP) of $7 billion.
The proposed crypto center reflects the increasing global relevance of the digital asset industry.
However, the Maldives faces stiff competition from major financial hubs such as Dubai, Singapore, and Hong Kong, which already have well-established fintech ecosystems.
Dubai, located in the UAE, has quickly emerged as a key player in crypto and Web3 thanks to progressive regulations and strong governmental support for blockchain innovation.
On April 6, Dubai's Land Department (DLD) and the Virtual Assets Regulatory Authority (VARA) announced a partnership to integrate the city’s land registry with blockchain systems, paving the way for more widespread use of real estate tokenization.
Meanwhile, Hong Kong continues to strengthen its position in the digital finance sector with regulatory frameworks that have drawn hundreds of Web3 and fintech companies.
Ivan Ivanov, global CEO of WOW Summit—a blockchain-focused event held in Hong Kong—highlighted the city’s unique role as a gateway between Western markets and China, which makes it a prime destination for investment and innovation.
He also emphasized Hong Kong’s value as a regulatory testing ground.
Singapore is another major hub in the global crypto space, home to numerous digital asset exchanges and hundreds of Web3 startups.
The country maintains its appeal by fostering innovation through a regulatory strategy that supports experimentation while minimizing the risk of punitive action.
Sources:
https://cointelegraph.com/news/maldives-building-9-billion-crypto-hub
https://www.ft.com/content/70cba9ec-caad-4958-bed9-59d43e8da6c2
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