Maldives to Build $9B Crypto Hub, Aims to Diversify Economy
1min read The Maldives government has agreed to a multi-billion-dollar deal with a private wealth management firm in Dubai to construct a massive blockchain and cryptocurrency hub. The project, valued at $9 billion, aims to attract fresh investment and reduce the nation’s heavy dependence on tourism and fishing. The project is expected to take approximately five years to complete and will be located at the Maldives International Financial Centre, occupying approximately 830,000 square meters of space. Upon completion, the center might employ a maximum of 16,000 individuals, a significant change for a nation with an all-time population of less than half a million.
While the Maldives is making a big move, other places are already far ahead in the crypto race. Dubai has been building itself up as a tech and crypto-friendly zone for years. In April, Dubai’s Land Department teamed up with the Virtual Assets Regulatory Authority to put its land records on blockchain. That step helps with things like turning real estate into digital assets. Singapore and China Hong Kong are also in the spotlight. Both locations host hundreds of Web3 and fintech companies within their jurisdictions. They’ve established ecosystems where businesses can develop without worrying about being closed by an abrupt change in rules. China Hong Kong is particularly keen on attracting international crypto companies. It serves as a bridge between China and the west. That position gives it an advantage. It also allows regulators to pilot new concepts before determining whether to implement them more broadly. Singapore, on the other hand, has quietly become a home base for numerous crypto projects. It boasts dozens of exchanges and a constant flow of investment, and now it’s one of the most significant crypto hubs in Asia.
For the Maldives, this new plan is a significant departure. Constructing a financial center of this scale from the ground up won’t be simple. Strong planning, clear regulations, and judicious investment will be required. But the nation appears willing to roll the dice. The push for crypto influence is growing fast around the world, and the Maldives is making it clear that it wants to be part of that conversation.
