Maldives to build $9 billion cryptocurrency hub to attract investment

Mars Finance News, on May 5th, the Maldives government signed an agreement with MBS Global Investments, a family office based in Dubai, to develop a $9 billion cryptocurrency and blockchain center in the capital city of Male in the South Pacific island nation. According to the Financial Times, the agreement signed on May 4th aims to reduce the Maldives' dependence on tourism and fishing by attracting foreign direct investment in blockchain and Web3 technologies. The project plans to build the Maldives International Financial Center, covering 830,000 square meters, and is reportedly set to employ up to 16,000 employees. The project is expected to take five years to complete, with funding requirements exceeding the Maldives' average annual GDP of $7 billion. This planned cryptocurrency center reflects the growing importance of the global cryptocurrency industry. However, the Maldives' ambition to become a global fintech center must compete with well-funded and established jurisdictions such as Dubai, Singapore, and Hong Kong.