Since crypto has gone global, there is a case to be made that London is the most crypto prepared city in the world.
Recently released research has shown that London is leading the world as the new crypto-hub.
England’s capital ranked highest in the world in the crypto-readiness index, devised by crypto tax software company Recap closely followed by Dubai.
The index comprises eight criteria, including the number of crypto workers and companies, crypto meet-ups, quality of life score, and R&D spend as a percentage of GDP, in each city.
Along with having the highest number of people working in the crypto industry compared to anywhere else, London hosted the second highest number of crypto-related events and conferences throughout the year, and is home to over 800 crypto-based companies.
This is on track with plans made by Prime Minister Rishi Sunak, who set out in April 2022 to make the UK a ‘global hub for crypto-asset technology and investment’.
Dubai comes in second place as it pushes to become the leading centre for cryptocurrency and blockchain technology in the Middle East, following a year of multiple new laws for crypto exchanges to operate in the city.
With 0% tax, Dubai is an appealing place to live for crypto investors and may be a better choice for UK residents due to its generous tax regime, as Holborn Assets revealed 200,000 Brits currently reside in the city with 772 crypto based companies to choose from when it comes to finding a career in the sector.
New York and Singapore also look like a force to be reckoned with in crypto readiness, taking third and fourth place respectively.Known as Switzerland’s crypto capital, Zug has 0% capital gains, and gives its residents the unique opportunity to pay for their taxes in crypto – ranking in sixth.
However, the research also revealed which cities around the world are least prepared to be a crypto-hub, and benefit from the jobs and investment it can bring.
Bottom of the list is the capital of Congo, Brazzaville, which hosts no crypto companies or events, and has one of the highest capital gains tax rates at 40%. Worryingly, all of the 20 least crypto-ready cities are in the world’s least developed countries.
The top 10 crypto-hubs in the world: Dubai, UAE, New York, USA, Singapore, Los Angeles, USA, Zug, Switzerland, Hong Kong, Paris, France, Vancouver, Canada, Bangkok, Thailand
London’s status as a major financial hub has long given it an edge in attracting crypto innovators. The original Bitcoin wallet provider, Blockchain.com, calls the U.K. capital its home as do newer firms like Ethereum wallet Argent and digital asset custodian Copper.