Maldives build crypto center for $ 9 billion: away from tourism dependency
The government of the Maldives has signed an agreement with MBS Global Investments, a family office based in Dubai, to build up a crypto and blockchain center worth $ 9 billion in Malé, the capital of the archipelago.
A Message According to the Financial Times, the agreement signed on May 4 is planned to make the Maldives less dependent on tourism and fishing by attracting foreign direct investments in blockchain and web3 technologies.
The establishment of the Maldive International Financial Center, a 830,000 square meter facility, is planned to employ up to 16,000 people.
The completion of the project will be an estimated five years. The capital requirement for this exceeds the annual gross domestic product (GDP) of the Maldives of $ 7 billion.
The planned crypto center reflects the growing importance of the crypto industry worldwide. However, the plans of the Maldives to become a global center for financial technology are in competition with capital -strong and established regions Like Dubai, Singapore and Hong Kong.
Established crypto and fintech hubs
Dubai in the United Arab Emirates (VAE) is thanks to its positive regulatory environment, which promotes innovations, and a local government that is willing to research blockchain technology in real applications rapidly growing crypto and web3 hub become.
On April 6th, the Dubai Land Department (DLD) and the Virtual Assets Regulatory Authority (Vara) signed one agreement to Connection of the land register to the blockchainthat enables a more comprehensive tokenization of real estate.
Hong Kong also attracted itself through proactive regulations that have hundreds of web3 and fintech companies positioned as a cryptocentrum.
According to Ivan Ivanov, Global CEO from WoW Summit, a blockchain conference in Hong Kong, the special economy zone uses its position as a bridge between Western economies and China to attract investments and serves as a regulatory sandpit.
Singapore is also one Important international crypto center become. Dozens of stock exchanges for digital assets in the country and hundreds of web3 companies are based there.
The country continues to attract global investments by pursuing a regulatory approach that allows technological experiments without having to be afraid of regulatory oppression.
