London emerges as the world’s most crypto-ready city for business

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Along with pro-crypto regulations, the widespread adoption of cryptocurrencies requires a supporting infrastructure that can allow the general public to access and be exposed to the ecosystem. When considering eight key metrics around crypto taxes, ATMs, jobs and events, London ranks at the top as the world’s most crypto-ready city for businesses and startups -ups.

UK Prime Minister Rishi Sunak’s vision to ensure that the UK financial services sector is always at the forefront of technology and innovation is on the right track, reveals a study by Recap. A review of eight key data points determined that London was the most crypto-ready to attract businesses and start-ups.

Top 20 crypto-ready cities in the world. Source: Summary

As noted above, major metropolitan cities such as Dubai and New York made it to the top three on the list. However, Hong Kong, which was positioned as the most crypto-ready country in 2022, fell to seventh place in the research.

Top 50 crypto centers, comparison by city. Source: Summary

The list above captures the top 50 cities with infrastructure ready to experience mass adoption of cryptocurrencies.

Some key factors considered in the study include the total number of crypto-specific events, cryptocurrency-related jobs, crypto-specific businesses, 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.

Out of the lot, London is home to the highest number of people working in crypto-related jobs, indicating higher interest from the general public in the crypto ecosystem. However, cities in other geographies eclipse London in other metrics, bolstering the case for global cryptocurrency adoption.

Related: Bitcoin Node Data: Frankfurt is Home to the Largest Citywide Network

Continuing their quest to stay ahead of the curve, the Bank of England (BoE) and the UK Treasury have highlighted the need for a central bank digital currency (CBDC) by 2030.

Cointelegraph previously reported that sources say the “digital book” roadmap is expected to be introduced by mid-February. The UK is said to have seen a 35% drop in cash and coin payments in 2020, a clear indication of a new era of digitalisation.

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