A New Cryptocurrency Exchange is Born: They Will Launch with 9 Billion Dollars! - Coin Bulletin

The agreement signed between MBS Global Investments and the Maldives government aims to diversify the country's economy from tourism and fisheries to blockchain and digital asset technologies.

The Maldives is taking a significant step into the crypto industry to diversify its economy and attract foreign investments. Under the agreement signed with the Dubai-based family office MBS Global Investments, a blockchain and digital asset finance center worth 8.8 billion dollars is planned to be established in the capital, Male. This agreement, signed on May 4, aims to reduce the country's dependence on its tourism and fishing sectors.

The completion of the project will take approximately five years, and the required capital exceeds the Maldives' annual gross domestic product of 7 billion dollars. However, the project already has over 4 billion dollars in pre-financing commitments.

(# A major economic transformation

The planned Maldives International Financial Centre will cover an area of 830,000 square meters and will provide employment for approximately 16,000 people. Finance Minister Moosa Zameer described this initiative as a step towards economic diversification in an interview with the Financial Times. Zameer noted that the Maldives is facing "the biggest challenge" in repaying external debts that will mature in the next two years and stated that the project could "help alleviate some of the financial pressures we are facing."

The Maldives' plan to become a crypto hub reflects the growing importance of the crypto industry worldwide. However, the Maldives' goal of becoming a global financial technology center will have to compete with well-funded, established regions like Dubai, Singapore, and Hong Kong.

)# Will it be able to compete?

Many established crypto and fintech hubs are already present in the global market. Dubai has rapidly become a crypto and Web3 hub thanks to its favorable regulatory environment. Hong Kong has also managed to attract hundreds of Web3 and fintech companies with proactive regulations. Meanwhile, Singapore continues to attract global investments with its regulatory approach that encourages technological experience.

MBS Global Investments is the family office of Sheikh Nayef bin Eid Al Thani, a member of the Qatari royal family, managing 14 billion in assets. This center stands out as one of the first major initiatives in the island nation's crypto and blockchain ecosystem.