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Maldives launches MIFC, aiming to build a leading Crypto Assets and Blockchain center in South Asia.
According to Deep Tide TechFlow news on May 10, as reported by Coin Track Daily, the Maldives has officially launched the Maldives International Financial Center (MIFC) project, planning to make it a leading Crypto Assets and Blockchain destination in South Asia. The project is supported by Dubai's MBS Global Investment Company and Qatar's royal Sheikh Nayef bin Aid Al-Thani, and it is expected to transform an area of 830,000 square meters into a financial ecosystem by 2030.
MIFC will provide incentives such as corporate tax exemptions and estate tax reductions, focusing on the development of decentralized finance (DeFi) and Web3 technologies. The project is expected to create 16,000 jobs within five years and aims to help the Maldives diversify its economy and reduce its dependence on tourism. Maldives President Mohammed Muizzu stated that this initiative is the cornerstone of the country's vision to become a developed nation by 2040.