Malé, the capital of the Maldives, is set to become a major blockchain and cryptocurrency hub. On May 4, the Maldives government agreed to a multi-billion-dollar deal with Dubai's MBS Global Investments to construct the hub, aiming to attract investments and lessen reliance on tourism and fishing. The project's cost is estimated at $9 billion, exceeding the Maldives' $7 billion annual GDP.
The Maldives International Financial Centre will span 830,000 square meters. It is projected to employ up to 16,000 people. This is a significant shift for a nation with a population under half a million.
Dubai, Singapore, and Hong Kong are already established crypto hubs. Dubai's Land Department partnered with the Virtual Assets Regulatory Authority in April to put land records on blockchain. Hong Kong aims to attract international crypto firms, while Singapore hosts numerous crypto projects and exchanges.
The Maldives' plan requires strong planning, regulations, and investment. The nation aims to join the global crypto conversation.
This article is based on our author's analysis of materials taken from the following resources: Bloomberg, Financial Times.