The Maldives government has inked a deal with MBS Global Investments, a Dubai-based family office, to construct a $9 billion crypto and blockchain hub in Malé, the capital of the South Pacific archipelago nation. The agreement, signed on May 4, aims to shift the Maldives away from its reliance on tourism and fisheries by attracting foreign direct investment into blockchain and Web3 technologies, as per a report from the Financial Times. The project includes plans for the Maldives International Financial Centre, an 830,000-square-meter facility set to employ up to 16,000 individuals. The development is expected to take five years to complete, with capital requirements exceeding the Maldives’ annual GDP of $7 billion. This initiative underscores the global significance of the crypto industry, although the Maldives faces competition from well-established jurisdictions like Dubai, Singapore, and Hong Kong. Dubai, known for its favorable regulatory environment and government support for blockchain technology, is rapidly evolving into a leading crypto and Web3 hub. Similarly, Hong Kong has attracted numerous Web3 and fintech firms through proactive regulations, while Singapore remains a major international crypto center, drawing global investment with its supportive regulatory framework. These established hubs pose challenges to the Maldives’ aspirations of becoming a prominent financial technology center.