The Maldives government has entered into a partnership with MBS Global Investments, a Dubai-based firm managing $14 billion in assets, to develop a $9 billion blockchain and crypto hub in Malé. This ambitious project aims to reduce the country’s reliance on tourism and fisheries by attracting foreign investment into digital finance and Web3 technologies.
The planned Maldives International Financial Centre will span 830,000 square meters and is expected to create up to 16,000 jobs. The initiative is seen as a strategic move to position the Maldives as a global leader in the digital asset industry, competing with established crypto hubs like Dubai, Hong Kong, and Singapore.
Funding for the project exceeds the Maldives’ annual GDP of $7 billion, making it one of the most significant financial undertakings in the country’s history.
Some $5 billion secured
MBS Global Investments has already secured commitments between $4 billion and $5 billion, with plans to raise additional funds through a mix of equity and debt.
The Maldives government is offering incentives such as a financial free zone, tax exemptions, and simplified registration processes to attract crypto firms and investors. These measures are expected to make the Maldives a highly competitive destination for blockchain innovation.
Despite the promising outlook, the project faces challenges, including regulatory hurdles and competition from other crypto-friendly jurisdictions. However, officials remain optimistic that the initiative will transform the Maldives into a major player in the global crypto ecosystem.
Shogun Lin
