The Maldives government has entered into an agreement with MBS Global Investments, a Dubai-based family office, to create a $9 billion crypto and blockchain hub in the capital city of Malé. Announced on May 4, this initiative aims to shift the nation’s dependency away from tourism and fisheries by drawing foreign direct investment into blockchain and Web3 technologies. The proposed Maldives International Financial Centre will occupy an area of 830,000 square meters and is expected to create approximately 16,000 jobs. The project’s cost surpasses the Maldives' annual GDP of $7 billion and is projected to take five years to complete. Competing with established crypto hubs like Dubai, Singapore, and Hong Kong, the Maldives is positioning itself to leverage the global significance of the cryptocurrency sector.

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