Maldives Announces Plans to Build a Crypto Hub
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The Maldives government has partnered with MBS Global Investments, a Dubai-based family office, to establish a $9 billion crypto and blockchain hub in Malé, the capital of the island nation.
As reported by the Financial Times, the agreement signed on May 4 aims to diversify the Maldives’ economy beyond tourism and fisheries by drawing foreign direct investment in blockchain and Web3 technologies.
The project plans to develop the Maldives International Financial Centre, an 830,000-square-meter facility expected to create up to 16,000 jobs. The project, projected to take five years to complete, requires capital exceeding the Maldives’ annual GDP of $7 billion.
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