Maldives Bets $8.8 Billion on Blockchain Hub to Counter Economic Challenges

The Maldives has inked an $8.8 billion deal to establish a blockchain-first financial hub, a move that dwarfs the nation’s entire GDP. The project, dubbed the Maldives International Financial Centre (MIFC), aims to position the island nation as a global hub for digital assets.

Dubai-based MBS Global Investments will finance the initiative, with $4 billion to $5 billion already soft-committed by high-net-worth individuals and family offices. The tax-free zone in Malé will span 830,000 square meters and is expected to create 16,000 jobs by 2030.

President Mohamed Muizzu has framed the MIFC as a foundational shift for the Maldives’ economy, which faces mounting debt and reliance on tourism. The blockchain pivot mirrors strategies adopted by crypto-friendly jurisdictions like Dubai and Singapore.