Maldives Bets Big on Crypto with $8.8 Billion Financial-Free Zone
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On May 4, the Maldives signed a deal with Dubai‑based family office MBS Global Investments to invest over $8 billion in a new financial-free zone called the Maldives International Financial Centre (MIFC).
The project will cover 830,000 square-meter and focus on blockchain, crypto, and wider digital‑asset firms. Construction will take five years.
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MBS, the family office of Qatari royal Sheikh Nayef bin Eid Al Thani, says it has already lined up around $4 billion to $5 billion in equity and debt from its network of global family offices and high‑net‑worth investors.
Government and Investors Unite to Fund Maldives’ New Crypto Hub
The project aims to accommodate 6,500 residents, sustain 16,000 jobs, and add more than $1 billion a year to public coffers by its fifth year.
If successful, this could nearly triple the Maldives’ roughly $7 billion GDP.
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The CEO of MBS, Nadeem Hussain, insists the consortium “understands the funding scale” and has secured the alliances to cover the crypto hub.
Finance Minister Moosa Zameer calls the deal a deliberate pivot away from previous lending deals provided by India and China as the country confronts a debt wall.
Maldives owes between $600 million and $700 million, which is due in 2025, and another $1 billion, including a $500 million sukuk (an islamic compliant interest-free debt instrument), which matures in 2026.
Although India’s $760 million bailout last December provided relief, it merely bought time.
Zameer framed the MIFC as a path to new revenue and foreign direct investment, saying the country needs to “take the leap and diversify” by adding income streams beyond fisheries and tourism.
Yet Malé must vie with heavyweight fintech centers such as Dubai, Singapore, and Hong Kong, which have similar aspirations to create thriving world-class crypto hubs.
Supporters of the hub cite the Maldives’ political stability, strong air links, and proximity to fast‑growing South Asian and Gulf markets.
However, some remain concerned about the uphill task of luring firms away from jurisdictions that already boast deep capital markets and tailored crypto regulations.
Rising Crypto Adoption Trend Signals Shift Towards Digital Asset Mainstream
Crypto adoption continues to rise globally. Dubai stands out with its clear regulations and infrastructure, setting a blueprint for future crypto hubs.
The UAE’s Virtual Assets Regulatory Authority (VARA) crafted transparent rules and licensing pathways that inspire markets. This framework fuels innovation and builds investor confidence.
For example, Crypto.com recently secured approval from VARA to offer crypto services in Dubai.
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The UAE also has the highest crypto adoption rates globally, scoring 98.4 in a recent Atmos’s study.
Moreover, with 25.3% of its population owning cryptocurrency and a 210% adoption rate, the Emirates outpaces Singapore and the United States.
Despite having one of the fewest Bitcoin ATMs amongst the top five nations, the UAE’s rapid embrace of digital assets highlights the power of regulatory clarity and real-world utility over physical infrastructure.
Institutional and retail investors find the UAE an increasingly attractive crypto hotspot.
