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A $8.8 billion international blockchain and crypto innovation center is in the works in the heart of the capital of the Maldives – Malé.
The Maldives government has partnered with Dubai-based MBS Global Investments for this ambitious project, which aims to transform the country’s economic landscape.
“Due to be completed by 2030, it will be easily accessible from any part of the world and the aim is to notably increase the country’s GDP within four years with projected revenue to be well over $1bn by the fifth year,” said the partners in a press statement dated 4 May 2025.
Maldives President Mohamed Muizzu said, “With the Maldives International Finance Centre (MIFC), we are shaping the Maldives of tomorrow, a beacon of innovation and national pride that will thrive in harmony with nature.”
“The financial centre will be a symbol of economic resilience and will set a new global benchmark that will massively benefit the people of the Maldives for generations to come,” he added.
The timing of this announcement is critical. Just months ago, India provided the Maldives with a $760 million bailout to avert a default. Furthermore, Moody’s Ratings has flagged serious liquidity risks for the nation.
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Maldives Seeks To Address Debt Crisis Through Crypto Project
President @MMuizzu just made history. From sun & sand to finance & future — Maldives is now building an $8.8B world-class financial hub with Qatar’s MBS Global. MIFC will triple GDP, go 100% renewable, and put Malé on the map as the Singapore of the Indian Ocean.#Muizzu2028… pic.twitter.com/ajEcrHzzgb
— Shumba Gong (@ShumbaGong) May 4, 2025
The consensus is that the government of Maldives is seeking to address a debt crisis through this crypto project. “The MIFC, to be built in the capital Malé over the next five years, will have no corporate taxes or residency requirements and offer tax-free inheritance,” MBS said.
Commenting on the project, Minister of Finance for the Maldives said, “This is a momentous project.” He added, “It offers a great opportunity to diversify our economy beyond tourism in line with our ambitions and will attract the best businesses and visionary entrepreneurs in the world.”
Meanwhile, Nadeem Hussain, MBS CEO said, “The financial centre will set a new global benchmark, advancing financial innovation by at least two decades. It is the next evolution of what has been happening in other financial centres around the globe.”
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