The cryptocurrency world has been growing at an unprecedented rate, with the total market capitalization reaching over $2 trillion in 2021. As the market continues to evolve, it’s important to consider which cities are the most conducive to supporting crypto businesses and start-ups.
After a comprehensive study of eight key indicators, London has emerged as the world’s most crypto-ready city for business.
In recent years, the popularity of cryptocurrencies has skyrocketed, and governments around the world are starting to take notice.
The UK Prime Minister Rishi Sunak’s vision to make the UK financial services sector a leader in technology and innovation is on track, as a recent study by Recap shows that London is the most crypto-ready city in the world for businesses and start-ups.
As shown above, leading metropolitan cities such as Dubai and New York made it to the top three in the list. However, Hong Kong, which was positioned as the most crypto-ready country in 2022, fell to seventh place in the research.
The Study: Examining Eight Key Indicators
The study conducted by Recap analyzed eight key data points that determine the crypto-readiness of a city. Some of these factors include the total number of crypto-specific events, crypto-related jobs, and crypto-specific companies, as well as the number of crypto ATMs.
In addition, the study also considered non-crypto factors such as quality of life, research and development spending as a percentage of gross domestic product, and capital gains tax rate.
London Emerges as the Top City
London leads the pack as the most crypto-ready city in the world for businesses and start-ups.
The city is home to most people working in crypto-related jobs, which is a clear indication of higher interest among the general public in the crypto ecosystem.
In addition, London also boasts a high number of crypto-specific events and companies, further supporting its position as the most crypto-friendly city.
While other cities may outperform London in some metrics, the overall findings of the study make a strong case for the global adoption of cryptocurrencies.
As the market continues to grow, it’s important for cities to provide the necessary infrastructure and support to enable the widespread adoption of crypto assets.
With its favourable regulations, supportive infrastructure, and thriving crypto community, London is poised to remain a leader in the crypto world for years to come.