Male, the capital of the Maldives, could soon be transformed. The government of the island nation has agreed with an agreement of several billion dollars with a family office – a private wealth management company – in Dubai to build a huge blockchain and cryptocurrency center. The objective? To attract new investments and reduce the country's high dependence on tourism and fishing.
$ 9 billion project larger than the nation economy
The agreement was concluded on May 4 with MBS Global Investments, according to a report by Bloomberg. The project will cost $ 9 billion, higher than the total annual GDP of the Maldives, which amounts to around $ 7 billion. If the program takes place as planned, it will take around five years.
The planned location, the Maldives International Financial Center, would occupy around 830,000 square meters of space. At the end, the center could use a maximum of 16,000 people, the Financial Times disclosed. It is a radical change for a nation with a historic population of less than half a million.
💥BREAKING:
Maldives to build $ 9 billion Blockchain Hub to attract global investors! pic.twitter.com/p2kPrvfmet
– Crypto Rover (@rovercrc) May 4, 2025
Other nations already in the lead
While the Maldives Make a big step, other places are already far in the race for cryptography. Dubai is one of them. The city has been built as a technological and cryptographic area for years. In April, the Dubai land department joined the regulatory authority for virtual assets to put its land archives on the blockchain. This step helps things like turning real estate into digital assets.
BTCUSD trading at $94,662 on the 24-hour chart: TradingView.com
Singapore and Hong Kong are also under the spotlight. The two locations welcome hundreds of web 3 and fintech companies in their jurisdictions. They have established ecosystems where companies can develop without worrying about being closed by a brutal change in the rules.
A scenic view of Maldives. Image: Nova Hotel/Glamour.
Hong Kong takes advantage of his role to draw cryptographic talents
Hong Kong is particularly eager to attract international cryptography companies. Ivan Ivanov, a global CEO of Wow Summit, explains that the city serves as a bridge between China and the West. This position gives it an advantage. It also allows regulators to control new concepts before determining whether they are implementing them more widely.
Singapore, on the other hand, has become quiet crypto projects. It has dozens of exchanges and a constant investment flow, and now it is one of the most important crypto centers in Asia.
The Maldives are betting on a big change
For the Maldives, this new plan is an important departure. The construction of a financial center of this scale from zero will not be simple. Strong planning, clear regulations and judicious investments will be necessary. But the nation seems willing to launch the dice.
The push for the influence of the crypto grows quickly in the world, and the Maldives clearly indicate that it wants to be part of this conversation.
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