According to research by Recap, a cryptocurrency tax software company, London has become the world's leading cryptocurrency hub. The researchers looked at eight indicators, including the number of cryptocurrency businesses and the number of cryptocurrency ATMs in each country.
Key findings from Recap's study of global cryptocurrency hubs
Crypto tax firm Recap launched a Investigation report on January 25, 2023, highlighting the world's major cryptocurrency hubs, with London named the "Most Crypto-Ready City". Recap the eight-item criteria used, including the number of cryptocurrency companies and employees, research and development spending compared to GDP for each city, the number of cryptocurrency ATMs, cryptocurrency ownership, and capital gains tax rates.
The Recap report details that London has the largest number of people employed in the cryptocurrency industry compared to other regions in the world. The city is home to more than 800 cryptocurrency-based companies and hosted the second largest number of cryptocurrency-related events and conferences in 2022. The report states that London's leadership aligns with that of the UK's prime minister. Rishi SunakThe goal of establishing the UK as the global center for cryptocurrency technology and investment.
London is followed by Dubai, the most populous city in the United Arab Emirates, as the second largest cryptocurrency hub. According to the Recap study, Dubai's attractiveness as a residence for cryptocurrency investors stems from its 0% tax rate. The study notes that Dubai has 772 cryptocurrency-based businesses. New York is the third largest hub, with 843 companies specializing in cryptocurrency and blockchain technology. The American city is also home to the largest investment in cryptocurrency research and development.
โCrypto assets have grown tremendously in recent years and are becoming increasingly intertwined with regulated financial markets, and the fact that so many cities are adopting it is a positive sign,โ said Daniel Howitt, co-founder and CEO of Recap. , commenting on the latest study. "The fact that London is the world's leading crypto hub is good news for the government's plans to turn the UK into a 'global hub for crypto asset technology and investment.'"
London, Dubai and New York are followed, in this order, by Singapore, Los Angeles, Zug, Hong Kong, Paris, Vancouver and Bangkok. โHong Kong, Paris, Vancouver, and Bangkok round out the top ten due to low capital gains tax, high volume of crypto ATMs, and the number of people in the crypto field,โ Recap researchers note. โInterestingly, San Salvador in El Salvador was ranked 41st in the table with only ten people working in cryptocurrency-based jobs, but it is the only place where Bitcoin is considered legal tender. Residents can spend it as currency as shop prices are also quoted in Bitcoin (BTC)โ, add the study researchers.
You can view Recap's research report in its entirety here.
What do you think sets London apart as the world's leading cryptocurrency hub and do you think this trend will continue in the future? Let us know your thoughts on this topic in the comments section below.
image credits: Shutterstock , Pixabay , Wiki Commons , Editorial Photo Credit : Sergii Figurnyi / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
