London Crowned Global Cryptocurrency Leader, Study Finds

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According to research by Recap, a cryptocurrency tax software company, London has become the world’s leading cryptocurrency hub. The researchers analyzed eight indicators, including the number of cryptocurrency companies and the amount of cryptocurrency ATMs in each country.

Key Findings from Recap’s Global Cryptocurrency Hubs Study

Tax firm Crypto Recap published a research report on January 25, 2023, highlighting the world’s top cryptocurrency hubs, with London named as the “most crypto-ready city”. The rundown used criteria from eight elements, including the number of cryptocurrency businesses and employees, research and development spending relative to each city’s GDP, number of cryptocurrency ATMs , cryptocurrency ownership, and capital gains tax rates.

Recap’s report details that London has the highest number of people employed in the cryptocurrency industry compared to other parts of the world. The city is home to more than 800 cryptocurrency-based businesses and hosted the second highest number of cryptocurrency-related events and conferences in 2022. The report says London’s lead aligns with l British Prime Minister Rishi Sunak’s aim to establish the UK as the world. hub for cryptocurrency technology and investment.

London is followed by Dubai, the most populous city in the United Arab Emirates, as the second largest cryptocurrency center. According to Recap’s study, Dubai’s appeal as a residence for cryptocurrency investors is due to its 0% tax rate. The study notes that Dubai has 772 cryptocurrency-based companies. New York is the third largest hub, with 843 companies specializing in cryptocurrency and blockchain technology. The US city is also home to the biggest investment in cryptocurrency research and development.

“Crypto assets have grown significantly over the past few years and are increasingly linked to regulated financial markets, and the fact that so many cities are adopting it is a positive sign,” said Daniel Howitt, co-founder and CEO. of Recap. , commenting on the latest study. “With London being the world’s leading crypto hub, this is good news for the government’s plans to make the UK a ‘global hub for crypto-asset technology and investment’.”

London, Dubai and New York are followed, in order, by Singapore, Los Angeles, Zug, Hong Kong, Paris, Vancouver and Bangkok. “Hong Kong, Paris, Vancouver, and Bangkok rounded out the top ten due to low capital gains tax, high volume of crypto ATMs, and numbers of people in the crypto space,” Recap researchers note. Interestingly, San Salvador, El Salvador came in 41st in the table with just ten people working in crypto-based jobs – but that’s the only place bitcoin is considered legal tender. Residents can spend it like currency because store prices are also quoted in bitcoin (BTC),” the study researchers add.

You can view Recap’s research report in full here.

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What do you think sets London apart as the world’s leading center for cryptocurrency, and do you think this trend will continue in the future? Let us know your thoughts on this in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.

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