London Ranks World’s No. 1 Crypto Hub

UTC by Mayowa Adebajo · 2 min read
London Ranks World’s No. 1 Crypto Hub
Photo: Unsplash

London leads the way and is followed by Dubai and New York in that order.

Recent research has named London as the readiest city in the world for crypto and blockchain technology. The research considered eight key metrics including crypto-related jobs, events, and taxes among other things before putting out its final ranking.

London Becomes World’s Crypto Capital

London’s unrivaled readiness to accept crypto may have just cemented its place as the world’s crypto capital. But it should be noted that the city’s newly-found affinity toward crypto may be linked to Rishi Sunak. Sunak himself recently became the Prime Minister of the United Kingdom. And after taking up the position, he vowed to ensure that “the UK financial services industry is always at the forefront of technology and innovation.”

Per research conducted by Recap, London is the most attractive city in the world for crypto businesses and startups. This means that, other than its seemingly crypto-friendly regulations, the city also sports an infrastructure that supports the mainstream adoption of cryptocurrencies.

As it stands, London leads the way and is followed by Dubai and New York in that order. Interestingly, the list shows Hong Kong in a distant seventh position. This, however, signals a significant decline in the crypto-readiness of the East Asian region.  Recall that, as of 2022, Hong Kong was the most crypto-ready country in the world.

In the research,  factors used to score the cities included the total number of crypto-based events that were held in every city. The research also took into account, the number of crypto-based jobs, firms, crypto holdings, and the total number of crypto ATMs. However, it also considered some non-crypto factors that would otherwise make those cities attractive to businesses and start-ups. They include quality of life, research and development spending as a percentage of gross domestic product (GDP) and tax rates.

Global Adoption on the Rise

Meanwhile, despite London being by far the most accommodating city to those working in crypto-related jobs, there appears to be a catch. The city comes up short in some other metrics. For instance, it lags in the number of crypto ATMs.  Per the research report, London has only four crypto ATMs as opposed to 2021 ATMs in Luanda, Angola.

So, the stats are sufficient evidence that there is a strong case for the global adoption of cryptocurrencies.

Cryptocurrency news, News
Mayowa Adebajo

Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.

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