Maldives to become global crypto hub with support from Dubai investors

The Maldives, known for its luxury resorts, could become a new financial hub for blockchain technology, CoinDesk reported. 

Dubai-based MBS Global Investments plans to back up to $8.8 billion to develop this financial center, which will cover 830,000 square meters and create approximately 16,000 jobs. 

The project, undertaken in partnership with the Maldivian government, entails an investment of $8.8 billion, surpassing the country's GDP of $7 billion. The goal is to diversify the national economy, which currently relies on tourism and fishing. Finance Minister Moosa Zameer said the hub will help the country manage its foreign debt, which is due to mature in the next two years.

Investors expect the Maldives International Financial Center to become one of the world’s free trade zones. MBS Global Investments, which oversees $14 billion in assets, views this initiative as the Maldives' first steps towards integrating into the cryptocurrency ecosystem.