The Maldives government has signed an agreement with MBS Global Investments, a Dubai -based family office, to produce a $ 9 billion crypto and blockchain hub in Malé, the capital of the South Pacific Archipelago Nation.
According to a Report From the Financial Times, the agreement, signed on May 4, was made in the hope of transferring Maldives far from tourism and fisheries by attracting foreign direct investments to blockchain and web3 technologies.
The project outlines plans for the Maldives International Financial Center, an 830,000-square-meter facility that can be reported to use up to 16,000 individuals.
The completion of the project will take approximately five years and the capital requirements for an ambitious development are more than $ 7 billion in the annual Gross Domestic Product (GDP) of the Maldives.
The planned Hub of Crypto reflects the growing importance of the crypto industry worldwide. However, the ambitions of the Maldives to become a global center for financial technology should argue with good capital, established constituents such as Dubai, Singapore, and Hong Kong.
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Established Crypto and Fintech hubs on the scene
Dubai, in the United Arab Emirates (UAE), is a rapidly growing crypto and web3 hub thanks to the positive regulatory environment that encourages change and a local government who is willing to explore blockchain technology in real world applications.
On April 6, the Dubai (DLD) Land Department and the Virtual Asset Regulatory Authority (VARA) signed a Agreement To connect the land registry to the blockchain, allowing the more comprehensive tokenization of real estate.
Hong Kong is also self -positioned as a crypto hub through active regulations that attract ways -web3 and Fintech companies.
According to Ivan Ivanov, the Global CEO of Wow Summit, a Blockchain conference in Hong Kong, the special economic zone uses a position as a bridge between Western and China's economies to attract investment and serves as a sandbox regulation.
Singapore is also a major international crypto center, with dose -two -country -based digital assets based in the country and hundreds of web3 headquartered companies there.
The country continues to attract global investment through a regulatory approach that encourages technological experiment without fear of reprisal regulation.
Magazine: Crypto City: Dubai guide
