The Maldives is set to turn its capital, Malé, into a Web3 city, marking a significant milestone for the country. Although this Web3-crypto city would compete with other settled crypto hubs like Dubai, Singapore, and others, its $9B investment and partnership with Dubai-based MBS Global Investments could give it a head start. Let’s discuss the details.
Malé Web3 City to Create 16k Jobs and Hit $1B Revenue Annually
The Maldives, a small country in South Asia, is set to build the first ever crypto city with a $9B investment, making its name in the crypto and blockchain industry. According to the PR Newswire, the Maldives government has partnered with MBS Global Investments to set up Malé Web3 City, a $9B crypto project called MIFC.
Maldives International Financial Centre (MIFC) will transform the status of the Maldives from a tourist destination to a Web3 and crypto hub. The development phase will end in 2030 and will provide 16k jobs. More importantly, the revenue could hit $1B annually after the fifth year.
Malé Web3 City Could Settle Maldives’ Debt
The $9B budget allocated to this Maldives crypto city is much more than its annual GDP. As they achieve high revenue, this could boost their economy. More importantly, it could shift its image from a tourism-based country to a Web3 and blockchain hub.
“This is a momentous project. It offers a great opportunity to diversify our economy beyond tourism in line with our ambitions and will attract the best businesses and visionary entrepreneurs in the world,” said the Finance Minister
More importantly, experts foresee witnessing 3x GDP within four years, saving the country from its debt crisis. Recently, its neighboring nation, India, has bailed it out of $760M in debt. However, there’s still $1B in external debt due by 2026, which the country wishes to tackle with the Web3 city.
While the India-Pakistan war situation escalates, it is significant positive news for South Asia.
Maldives Crypto City Structure & Future Plans
The Maldives crypto city will be built in 830,000 square meters and will be inspired by the Maldives’ marine ecosystem. Architect Gianni Ranaulo is allocated the responsibilities of designing this Web3 hub with a focus on environmental friendliness.
Per the reports, it will have a state-of-the-art financial hub and digital assets storage options. Additionally, International schools, offices, retail, and cultural venues are also in the plans. Notably, they also have plans to launch Maldtoken, a digital token, and other relevant decisions to transform it into Malé Web3 City and a favorable spot for crypto business.
Overall, this would benefit the crypto market, fueling global adoption and development of the industry.
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