Along with cryptocurrency-friendly regulations, the widespread adoption of cryptocurrencies requires a supporting infrastructure that can allow the general public access and exposure to the ecosystem. When considering eight key indicators on taxes, ATMs, jobs and events in crypto, London comes out on top as the world's most crypto-ready city for startups and businesses.
UK Prime Minister Rishi Sunak's vision "ensuring the UK financial services industry is always at the forefront of technology and innovation" is on the right track, reveals research conducted by Recap. An examination of eight key data points determined that London has the highest crypto readiness for attracting companies and startups.
As shown above, major metropolitan cities like Dubai and New York made the top three on the list. However, Hong Kong, which was Positioned as the most crypto-ready country in 2022dropped to seventh place in the inquiry.
The above list shows the top 50 major cities that have an infrastructure ready to experience mass cryptocurrency adoption.
Some key factors considered in the study include the total number of crypto-specific events, crypto-related jobs, crypto-specific companies, and the number of crypto ATMs. Some of the non-crypto considerations include quality of life, R&D spending as a percentage of GDP, and capital gains tax rate.
Outside of the lot, London is home to the largest number of people working in crypto-related jobs, an indication of increased interest among the general public in the crypto ecosystem. However, cities in other geographies dwarf London in other metrics, strengthening the case for global cryptocurrency adoption.
Related: Bitcoin Node Data: Frankfurt Home to the Largest Network in the Whole City
The Bank of England (BoE) and the UK Treasury, which are moving forward in their quest to stay ahead, stressed the need to create a central bank digital currency (CBDC) by 2030.
Cointelegraph previously reported that sources claim that the "digital pound" roadmap is ready to be unveiled in mid-February. The UK reportedly saw a 35% drop in cash and coin payments in 2020, a clear indication of an imminent digital era.
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