Maldives signs $9 billion deal to become international crypto hub.

The government of the Maldives signed a $9 billion deal with Dubai-based family office MBS Global Investments to develop a crypto hub in the island nation's capital of Malé and to attract foreign investment opportunities.

Part of the development deal includes plans for an 830,000-square-meter facility used to house and host blockchain, crypto, and Web3 firms.

According to the Financial Times, which first reported the story, the deal was signed in the hopes of diversifying the Maldives' economy away from tourism and low-margin exports like providing fishing stock.

The project's total funding will exceed the gross domestic product (GDP) of the Maldives, which is around $7 billion annually. #BTC #Dubai