The Maldivas government signed an agreement with MBS Global Investments, a family office based in Dubai, to develop a Cryptoin and Blockchain center of $ 9 billion in Malé, the capital of the nation of the South Pacific archipelago.
According to a Financial Times report, the agreement, which was signed on May 4, was made with the hope of removing the Maldives from the dependence of tourism and fishing by attracting Direct strangers to the Blockchain and Web3 technologies.
The project describes the plans for the Malive International Financial Center, an installation of 830000 square meters that, according to the reports, will use up to 16,000 people.
Complete the project will take approximately five years and the capital requirements for the ambitious development are more than the $ 7 billion in the annual gross domestic product (GDP) of the Maldives.
The planned cryptographic center reflects the growing importance of cryptographic industry worldwide. However, the ambitions of the Maldives of becoming a global financial technology center must deal with well capitalized jurisdictions and established such as Dubai, Singapore and Hong Kong.
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Established cryptographic centers and Fintech that are already on stage
Dubai, in the United Arab Emirates (EAU), is a rapid cryptographic and web3 center thanks to its positive regulatory environment that fosters innovation and a local government willing to explore blockchain technology in real world applications.
On April 6, the Dubai Land Department (DLD) and the Virtual Assets Regulatory Authority (Vara) signed an agreement to connect the land registry with blockchain, allowing a more comprehensive real estate tokenization.
Hong Kong has also positioned himself as a cryptographic center through proactive regulations that have attracted hundreds of web3 and Fintech companies.
According to Ivan Ivanov, CEO Global or Summit by Wow, a blockchain conference in Hong Kong, the special economic zone takes advantage of its position as a bridge between Western and Chinese economies towards attractiveness and serves as a regulatory sand box.
Singapore is also an important international cryptography center, with boxes or exchanges of digital assets in the country within the country and hundreds of web 3 -based companies.
The country continues to attract global investment through a regulatory approach that encourages technological experimentation without fear of regulatory retaliation.
Magazine: Crypto City: Dubai Guide
