For crypto to become widely adopted, it needs regulations that support it and an infrastructure that makes it accessible to the public. Based on eight important factors, such as taxes, ATMs, employment, and events related to crypto, London is the best city in the world for companies and startups to engage in the crypto world.
Research conducted by Recap supports UK Prime Minister Rishi Sunak's goal of keeping the UK financial services sector at the forefront of technology and innovation. The study found that London is the most attractive city for businesses and startups in the crypto industry based on a review of eight key data points.
Dubai and New York are among the top three cities in terms of crypto readiness.
However, Hong Kong, which was previously ranked as the most crypto-friendly city in 2022, has dropped to seventh place in this research. The study analysed 50 major cities with infrastructure that supports the widespread use of crypto.
The study evaluated several factors to determine a city's readiness for crypto adoption, including the number of crypto events, employment opportunities in the crypto industry, presence of crypto-focused companies, and the availability of crypto ATMs.
Other factors not directly related to crypto, such as the standard of living, investment in research and development, and capital gains tax rates, were also considered.
London has the highest number of people working in jobs related to crypto, which shows strong public interest in the crypto world. Despite this, other cities surpass London in some aspects, highlighting the potential for worldwide acceptance of crypto.
As part of their effort to remain at the cutting edge, the Bank of England and the His Majesty's Treasury emphasised the importance of introducing a central bank digital currency by 2030.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash