BlockBeats News, May 5th, the government of the Maldives signed an agreement with the Dubai-based family office MBS Global Investments to develop a $9 billion cryptocurrency and blockchain center in the capital city of Male in the South Pacific island nation.
According to the Financial Times, the agreement signed on May 4th aims to reduce the Maldives' reliance on tourism and fishing by attracting foreign direct investment into the blockchain and Web3 technology sector. The project plans to establish the Maldives International Financial Center on an area of 830,000 square meters, reportedly employing up to 16,000 staff. The completion of the project is expected to take five years and will require funding exceeding the Maldives' annual GDP of $7 billion.
This cryptocurrency center planned in this initiative reflects the growing global significance of the cryptocurrency industry. However, the Maldives' ambition to become a global fintech hub must compete with well-funded, established jurisdictions like Dubai, Singapore, and Hong Kong.
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