TechFlow news, May 10 — According to Coin Track Daily, the Maldives officially launched the Maldives International Financial Centre (MIFC) project, aiming to establish the country as a leading cryptocurrency and blockchain hub in South Asia. Supported by Dubai-based MBS Global Investment and Qatar's Sheikh Nayef bin Aid Al-Thani, the project plans to transform an 830,000-square-meter site into a financial ecosystem by 2030.
The MIFC will offer incentives such as corporate tax exemptions and inheritance tax reductions, with a focus on developing decentralized finance (DeFi) and Web3 technologies. The project is expected to create 16,000 jobs within five years, helping diversify the Maldivian economy and reduce its reliance on tourism. Maldivian President Mohammed Muizzu stated that this initiative is a cornerstone of the nation's vision to become a developed country by 2040.
