The Maldives government has signed a $9 billion agreement with Dubai-based MBS Global Investments to develop a major cryptocurrency and blockchain hub in its capital, Malé. The project is part of a broader effort to diversify the island nation’s economy and reduce its heavy reliance on tourism and fishing.
According to the Financial Times, the deal—signed on May 4—lays the groundwork for the Maldives International Financial Centre, an ambitious 830,000-square-meter complex expected to create up to 16,000 jobs. Government officials hope the development will bring in significant foreign direct investment and help address the country’s rising national debt.
The project’s total cost exceeds the Maldives’ annual GDP of roughly $7 billion, with construction expected to take five years.
The plan reflects the country’s intention to position itself within the rapidly growing global blockchain and fintech sectors. However, it faces stiff competition from established crypto hubs like Dubai, Singapore, and Hong Kong, which already boast favorable regulations and large numbers of Web3 firms.
Dubai, for example, has integrated blockchain into its real estate system, while Hong Kong offers a regulatory sandbox for Web3 startups. Singapore continues to draw global players with a forward-thinking regulatory approach that promotes innovation without fear of immediate legal backlash.
As the Maldives enters the global crypto race, the success of its planned financial center will depend on how well it can balance ambition with regulation—and whether it can attract top-tier talent and capital in a competitive space.
Featured image from: cointelegraph.com