Crypto tax software firm Recap just ranked London as the top hub for cryptocurrencies worldwide. To come up with the ranking, researchers from the company used eight indicators including the number of crypto businesses and Bitcoin ATMs.
In a research report published on January 25, 2023, crypto tax company Recap identified the top crypto hubs around the globe. Researchers ranked London at the top of the list and named it the “most crypto-ready city.”
Recap’s researchers based their crypto hub rankings on eight indicators. These eight key data points that determine crypto-readiness are quality of life score, crypto-specific events, people working in crypto-related jobs, crypto companies, R&D spending as a percentage of GDP, number of crypto ATMs, capital gains tax rate, and ownership of crypto in each country.
In London, there are 2,173 people working in crypto-based jobs, which is the highest number of employees working in the digital assets industry compared to anywhere else. The city is also home to over 800 crypto companies.
The city also hosted the second-highest number of crypto-related events and conferences. This further helped it attract and retain crypto firms.
Compared to other crypto hubs, London lagged in terms of crypto ownership. “While the UK’s capital leads the race as the biggest crypto-hub in the world, the study found that only 11% of people in England own/use crypto, compared to 45% of people in Nigeria, which came in 14th place,” researchers pointed out.
Following a year in which numerous new pieces of legislation were passed allowing cryptocurrency exchanges to operate in the city, Dubai comes in second as it strives to become the major hub for cryptocurrencies and blockchain technology in the Middle East. Two-thirds of UAE citizens are interested in crypto, according to a recent YouGov survey.
Due to the city’s 0% tax, Dubai is a desirable area for cryptocurrency investors to call home. In fact, according to data from Holborn Assets, 200,000 Britons presently call Dubai home. Dubai citizens can choose from 772 crypto-based businesses while looking for careers in the field.
New York City is ranked third and boasts of the highest number of companies specializing in the field at 843. The Big Apple is followed by Singapore (4th), Los Angeles (5th), Zug (6th), Hong Kong (7th), Paris (8th), Vancouver (9th), and Bangkok in tenth place.