Maldives will build 9 billion shrubs for an $ 9 billion detention to attract investment: report

The Maldive Government has signed an agreement with MBS Global Investments, a family office based in Dubai, to develop the crypto and Chip Bliccain Hub in the small, the south Pacific archipelago of the nation.

According to a report From the financial time, an agreement signed 4. Maja was performed in the hope that Maldives will move away from relying on tourism and fisheries by attracting foreign direct investment in Blockschain and Web3 technologies.

The project shows plans for the Maldives International Financial Center, a building of 830,000 square meters that will reportedly employ up to 16,000 individuals.

The completion of the project will be estimated five years, and the capital requirements for ambitious development are more than 7 billion dollars in the annual gross domestic product (GDP) Maldives.

The planned crypto hub reflects the growing importance of the crypto industry around the world. However, the ambitions of Maldives become a Global Financial Technology Center must be opposed Well capitalized, fortified jurisdictions Like Dubai, Singapore and Hong Kong.

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Established crypto and Fintech hub already on stage

Dubai, in the United Arab Emirates (UAE) is Quickly growing crippto and Web3 Hub Thanks to a positive regulatory environment that encourages innovation and local government ready to explore blockchain technology in real applications.

6. April, in Dubai Department (DLD) and the regulatory administration of virtual assets (Cheats) signed an agreement to Connect the land registry to the blockenabling a more comprehensive tokenization of the property.

Hong Kong also has positioned as a cryptic center Through proactive regulations that attracted hundreds of Web3 and Fintech firms.