Malé, the Maldives capital, can be changed soon. The Island Nation government has agreed to a multi-billion dollar agreement with a family office-a private firm management firm-in Dubai to build a massive blockchain and cryptocurrency hub. The goal? To attract fresh investment and reduce the country's heavy hope of tourism and fishing.
$ 9 billion projects greater than the country's economy
Deal was struck on May 4 with MBS Global Investments, according to a Report By Bloomberg. The project costs $ 9 billion – higher than the total annual GDP of the Maldives, which stands at about $ 7 billion. If the scheme is early as planned, it will take over five years to complete.
The planned location, the Maldives International Financial Center, will occupy approximately 830,000 square meters of space. When completed, the center may use a maximum of 16,000 individuals, the Financial Times revealed. That is a violent change for a country with a one -hour population of less than half a million.
💥Breaking:
Maldives to build a $ 9 billion blockchain hub to attract global investors! pic.twitter.com/p2kprvfmet
– Crypto Rover (@rovercrc) May 4, 2025
Other countries are leading
While the Maldives is making a big move, other places are already in the crypto racing. Dubai is one of them. The city has been building itself as a tech and crypto-friendly zone for years. In April, the Dubai Land Department cooperated with the Virtual Asset Regulatory Authority to place land records on the blockchain. That step contributes to things like doing real estate in digital assets.
BTCUSD trading at $94,662 on the 24-hour chart: TradingView.com
Singapore and Hong Kong are also in the attention. Both locations are hosting the way -The web3 and fintech companies within their constituents. They have established ecosystems where businesses can be developed without worrying about being closed by a sudden change in policies.
A scenic view of Maldives. Image: Nova Hotel/Glamour.
Hong Kong uses paper to draw crypto talent
Hong Kong is particularly enthusiastic about attracting international crypto companies. Ivan Ivanov, the Worldwide CEO of the Wow Summit, explains the city as a bridge between China and West. That position gives the advantage. It also allows regulators to file new concepts before determining whether they are implemented more widely.
Singapore, on the other hand, quietly became a home base for many Crypto Projects. It boasts twelve -two exchanges and a constant investment flow, and now it is one of the most significant crypto hubs in Asia.
Maldives will bet on a big change
For Maldives, this new plan is a significant removal. Building a finance center of this scale from the ground up will not be simple. Strong planning, clear regulation, and rational investment are required. But the country appears to be ready to roll a dice.
Pushing for the influence of crypto is growing rapidly around the world, and it is clear that the Maldives want it to be part of that conversation.
Featured image from evaneos.com, chart from tradingview
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