The project aims to diversify the Maldives' economy and attract foreign blockchain investment, reflecting strategic economic planning.

The Maldives government has signed an agreement with Dubai-based MBS Global Investments to create a $9 billion blockchain hub. The venture, known as the Maldives International Financial Center, is set to cover 830,000 square meters and span over five years.

This development sees Maldives committing to substantial reform, with MBS Global Investments contributing majorly to the funding. The project targets to create approximately 16,000 jobs and foster economic diversification beyond tourism and fisheries.

Initial market responses to this announcement were favorable, with notable rises in Bitcoin and Ethereum prices. This suggests a positive market sentiment, although details on institutional backers remain limited beyond MBS Global.

"We are excited to partner with MBS Global Investments to establish the Maldives International Financial Center, aiming to position our nation as a prominent player in the global blockchain and cryptocurrency landscape." - Maldives Government Official, Government of Maldives

The venture is set to provide financial incentives and facilities to attract investors, potentially transforming the Maldives into a crypto-friendly hub akin to Dubai's successful model. It could lead to significant advances in technological adoption across the region.

Progressive regional frameworks like those in Singapore and Hong Kong might inform this initiative, potentially positioning Maldives as a new Southeast Asian cryptocurrency gateway. Historically, these frameworks enhance market growth, suggesting similar outcomes for Maldives.