Maldives’ capital Maldives may change soon. The island government has reached a multibillion-dollar deal with a private wealth management company in Dubai, a private wealth management company, to build a large blockchain and cryptocurrency hub. Purpose? Attract new investments and reduce America’s heavy reliance on tourism and fishing.
A $9 billion project is bigger than the national economy
The deal was concluded with MBS Global Investments on May 4, according to a Bloomberg report. The project will cost $9 billion, about $7 billion higher than the Maldives’ annual GDP. If the plan goes as planned, it will take about five years to complete.
The planned location is the Maldives International Financial Centre, which will occupy approximately 830,000 square meters of space. The center could employ up to 16,000 people after the Financial Times disclosed. This is a huge change for a country with a population of less than 500,000.
💥Break:
Maldives builds a $9 billion blockchain hub to attract global investors! pic.twitter.com/p2kprvfmet
– Cryptocurrency (@rovercrc) May 4, 2025
Other countries have led
Despite the major action taken by the Maldives, elsewhere have already taken the lead in the crypto race. Dubai is one of them. For years, the city has been based on technology and crypto-friendly areas. In April, Dubai’s Land Ministry worked with virtual asset regulators to place its land records on the blockchain. This step helps turn real estate into digital assets and things like that.
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Singapore and Hong Kong have also become the focus. Both locations own hundreds of Web3 and fintech companies in their jurisdictions. They have built an ecosystem where businesses can grow without worrying about closing down due to sudden changes in rules.
A scenic view of Maldives. Image: Nova Hotel/Glamour.
Hong Kong uses its role to attract crypto talent
Hong Kong is particularly keen to attract international crypto companies. Ivan Ivanov, WOW Summit’s global CEO, explained that the city is a bridge between China and the West. This position gives it an advantage. It also allows regulators to try out new concepts before determining whether to implement them more widely.
On the other hand, Singapore has quietly become the base for many crypto projects. It has dozens of flows of exchange and constant investment, and now it is one of Asia’s most important crypto hubs.
Maldives bets on big changes
This new plan is a major departure for the Maldives. Building a financial center of this size from scratch is not easy. Strong planning, clear regulations and wise investment are required. But the country seems willing to roll dice.
The driving force of crypto influence is growing rapidly around the world, and the Maldives clearly states that it wants to be part of the dialogue.
Featured images from Evaneos.com, charts for TradingView
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