Maldives plans to create $9 billion blockchain hub
The Maldives is making a dramatic pivot from its traditional tourism-driven economy by investing in blockchain technology and digital assets.
The island nation has signed a $9 billion deal with Dubai-based MBA Global Services to build the Maldives International Financial Center, a sprawling blockchain and crypto hub in its capital, Male, reports CoinGape
According to The Financial Times, the project is the most ambitious economic diversification effort in the country’s history. With a national GDP of under $7 billion, the proposed hub dwarfs the current economy in scale and is expected to be a magnet for foreign direct investment in the emerging Web3 sector.
Funded by UAE wealth, modeled after Dubai
The funding for the hub—nearly $8.8 billion—is being sourced by MBA Global Services through its network of high-net-worth individuals and wealth managers in the UAE. The project will span 830,000 square feet and is projected to employ up to 17,000 people over five years.
The development mirrors Dubai’s transformation into a digital asset hub and aligns with broader regional trends, including cryptocurrency integrations in real estate and finance.
Crypto-friendly zone to offer full foreign ownership
Initial plans reveal the creation of a “financial freezone” tailored to digital asset companies. Although details are limited, officials are expected to offer 100% foreign ownership, streamlined licensing, regulatory tax relief, and integrated banking services to attract crypto firms.
The Maldives hopes to capitalize on global regulatory uncertainty—particularly in the U.S.—by offering a more favorable jurisdiction. The country also intends to use the blockchain sector’s revenue to address its national debt and fuel economic growth.
Still, the Maldives will face stiff regional competition from crypto-forward economies like Singapore, Hong Kong, and Thailand.
Recently we wrote that Arizona Governor Katie Hobbs has vetoed Senate Bill 1025, which would have allowed the state to hold Bitcoin as part of its official reserves.
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