The government of the Maldives has entered into an agreement with the Dubai company MBS Global Investments to build a crypto hub worth $9 billion in the capital city of Male. The project's goal is to reduce the Maldives' dependence on tourism and fishing, attract foreign investment, and diversify the economy through blockchain and Web3 technologies.
The center, covering an area of 830,000 square meters, is planned to be built over five years, providing up to 16,000 jobs. Ambitious competitors, such as Dubai, Hong Kong, and Singapore, which are already recognized crypto centers with established regulatory mechanisms and a significant number of Web3 companies, stand in the way of the project.
