London ranks as the most cryptocurrency-ready city in the world for enterprises and start-ups when eight significant factors related to taxation, ATMs, jobs, and events are taken into account. Supporting infrastructure is crucial for accessing the crypto ecosystem, adopting cryptocurrencies, and friendly regulations.
London not only ranked well in terms of general economic factors, like capital-profit tax rate and quality of life, but it also had some of the top players in the cryptocurrency industry. For instance, with 2,173 people, London has hired the most workers anywhere in the crypto business. Moreover, it has one of the customers with the finest crypto-based companies in the world with 800.
Additionally, London finished in second place for holding the most crypto events, which attracted businesses to the city. In terms of overall crypto ownership, the UK came in last in the analysis, with just 11%.
UK has future plans for crypto
Last year, the UK experienced a series of political and economic challenges, but morale recovered once Rishi Sunak was appointed as the prime minister. In April 2022, Sunak laid out strategies for turning the UK into a global powerhouse for crypto-asset technology and investment.
Other major crypto hub cities
After London, the top crypto cities are Dubai and New York. The rankings for second and third are not unexpected because they already serve as hubs for their respective regions. Like the silver medalist Dubai, which the survey highlighted has been pushing to become the Middle East’s top crypto hub. Authorities recently introduced new regulations permitting the operation of cryptocurrency exchanges in addition to zero taxation. 772 crypto-based businesses have been lured to the city as a result of these policies.
Recap-rated New York City, which had the most crypto-based businesses (843), is in third position. While already making considerable R&D investments, New York also employs over 1,400 individuals in the cryptocurrency industry. The city also hosts events related to cryptocurrencies, such as the weekly CryptoMondays.