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Maldives International Financial Center
Intense International Competition
According to the Financial Times, the project plans to establish the “Maldives International Financial Center,” covering a total area of 250,000 pings, and is expected to create up to 16,000 jobs. The project is anticipated to take five years to complete, with the required capital far exceeding the Maldives’ current annual GDP of approximately $7 billion, highlighting its ambitious goals. MBS CEO Nadeem Hussain stated that the project could be financed through equity and debt, and has already secured funding commitments of “between $4 billion and $5 billion.” The overall plan claims that the Maldives will become a “financial free zone for global blockchain and digital assets,” aiming to double the Maldives’ GDP within four years and generate “over $1 billion in revenue” in the fifth year.
The Maldives’ move reflects the growing global attention on the cryptocurrency industry. However, the country’s ambition to become a global fintech hub will undoubtedly have to contend with competition from well-funded and well-regulated mature markets like Dubai, Singapore, and Hong Kong.
In recent years, Dubai has rapidly emerged as a global Web3 and crypto hub, thanks to its proactive regulatory environment and the government’s high openness to blockchain. On April 6, the Dubai Land Department (DLD) signed an agreement with the Virtual Assets Regulatory Authority (VARA) to link the land registration system to the blockchain, promoting real estate tokenization.
Meanwhile, Hong Kong has attracted hundreds of Web3 and fintech companies through proactive regulatory policies. According to WOW Summit’s global CEO Ivan Ivanov, Hong Kong leverages its position as a bridge between Western economies and China to attract investment and serve as a regulatory sandbox.
Singapore has also been recognized as one of the leading international centers for the cryptocurrency industry, hosting dozens of digital asset exchanges and hundreds of Web3 companies. Singapore attracts global investors with its regulatory approach that encourages technological innovation while avoiding harsh regulations that could stifle innovation.