Since.. ever, the Maldives, a nation of over 1,000 coral islands, has been relying on tourism.

But now the nation is cautiously entering the cryptocurrency space.

Long dependent on tourism and fisheries, the archipelago faces mounting external debt and is seeking economic diversification precisely because of that, and also because no one likes over-tourism.

But it isn't easy.

Historically, the regulatory environment has been restrictive, probably in part due to the fact that - reminder - The Maldives is actually a relatively strict religious country.

In 2018, the Maldives Monetary Authority (MMA) and local banks issued warnings that no entity had permission to conduct financial transactions using cryptocurrencies or virtual currencies and, under the Maldives Monetary Act, the MMA retains sole authority over currency issuance and money exchange.

Despite all of that, interest in digital finance is still alive.

In 2025, the Maldivian government partnered with Dubai-based MBS Global Investments, the family office of Qatari royal Sheikh Nayef bin Eid Al Thani, on plans for the Maldives International Financial Centre.

The idea is to to invest up to $10 billion over five years building a financial hub in the chaotic and crowded capital, Male.

What's clear that is relying on tourism is a bit of a problem, and several atolls and islands in the country have often complained about over-tourism.

But, like everything else, local support is key.

I've been to the Maldives twice, spending some time in the capital and some time on a non-resort island.

Small businesses don't employ locals - that much is clear. It's immediately noticeable within a few hours.

Ultimately, if crypto were to provide financial support without disrupting anything, which over-tourism occasionally does, I think the locals would probably support it.