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LONDON NAMED WORLD’S MOST CRYPTO-READY CITY

Olivia McHugh
By Olivia McHugh

New research has revealed that London is the world’s leading 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:

  1. London, UK

  2. Dubai, UAE

  3. New York, USA

  4. Singapore

  5. Los Angeles, USA

  6. Zug, Switzerland

  7. Hong Kong

  8. Paris, France

  9. Vancouver, Canada

  10. Bangkok, Thailand

Daniel Howitt, co-founder and CEO at Recap, commented on the research:

“Crypto assets have grown massively over the past few years, and are becoming increasingly interlinked with the regulated financial markets, and the fact that so many cities are embracing it is a positive sign. London being the world’s leading crypto hub is good news for the government’s plans to make the UK a ‘global hub for crypto-asset technology and investment’.

“At the same time, our research shows that the world’s least developed countries are significantly less prepared to become crypto-hubs. Lack of infrastructure, foreign investment, and skilled workforce in the area may explain why some are lagging behind. This could cause barriers to trade with more developed crypto-hubs in future – so it’s important they’re all given the opportunity to get up to speed.

“While London excels in offering crypto events and jobs, as well as attracting crypto companies, the city falls behind when it comes to R&D spend, number of crypto ATMs, and crypto ownership. UK residents also have to deal with complex tax rules, which increase the risk of being liable to interest and penalties – Dubai is simpler, something the UK needs to keep a close eye on if we want to remain number one. Overall, we need to see more investment and focus in these areas as a country in future, for London to continue to lead the race as a global crypto-hub.”

He added:

“Like many countries, the UK is forming new rules and regulations around crypto taxation. Whether this will help or hinder London’s place as a crypto-hub is something to look out for in the future.”

The full report can be found here: https://recap.io/blog/the-rise-of-crypto-hubs-which-cities-are-leading-the-way-in-cryptocurrency

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