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London is the Crypto Capital of the World

When determining the final ranking, the research looked at eight significant factors, including crypto-related occupations, events, and taxes, among other things.

Photo by Sabrina Mazzeo / Unsplash

According to recent research findings, London is the city that is most prepared in the community for crypto & blockchain technology. When determining the final ranking, the research looked at eight significant factors, including crypto-related occupations, events, and taxes, among other things.

London Has Become the Global Capital of Crypto currency

London's unprecedented preparedness to adopt crypto has just sealed the city's position as the crypto capital of the globe. However, the city's recently discovered fondness for crypto may have something to do with Rishi Sunak.

Recently, Sunak was elected as Prime Minister of the United Kingdom. In addition, after being appointed to the role, he committed to working toward "keeping the UK financial services industry at the frontline of innovations and technology at all times."

Research (1) carried out by Recap indicates that London is the most attractive location in the world for crypto firms and startups to locate their operations.

Top 20 Crypto Hub Cities. Source: (1.1)

This suggests that in addition to its legislation that supports crypto currencies, the city also possesses an infrastructure that facilitates the widespread utilization of digital currencies.

At this point, London is in the lead, followed by Dubai and then New York in that order. Interestingly, Hong Kong comes in at a distant seventh place on the list.

A recent report by Holborn Assets revealed that 200,000 Britons live in Dubai. Since crypto investors do not have to pay any taxes there, Dubai is an attractive destination for those interested in investing in crypto currencies.

When pursuing a job in the crypto currency industry, citizens of Dubai have their pick from one of the city's 772 crypto-based enterprises. In addition, the city has an excellent quality of life, as indicated by its score of 175.84, which places it sixth among all cities.

The crypto-readiness of the East Asian region is shown to have suffered a substantial setback as a result of this development. Remember that as of 2022, Hong Kong had the highest readiness for crypto currencies.

The overall number of crypto-based activities hosted in each city was one of the elements taken into consideration in the research and utilized to determine the rankings of the cities.

The report also considered the overall number of crypto currency ATMs and the number of crypto-based professions, enterprises, crypto holdings, and crypto assets.

Nevertheless, it also felt several non-crypto variables that would make those places appealing to enterprises and startups in the absence of crypto.

These factors include the standard of living, the amount spent on research and development relative to the total gross domestic product (GDP), and the tax rates.

Increases in Numbers Around the World

Meanwhile, although London is by far the most friendly city for those working in occupations connected to crypto currencies, there is a catch. In terms of several other indicators, the city could do better.

For example, it is behind other countries regarding the number of crypto currency ATMs. According to the study report, there are just four crypto currency ATMs in London; however, there are 2021 ATMs in Luanda, which are located in Angola.

The statistics provide adequate information to suggest that there is a compelling argument in favor of the widespread use of crypto currencies.