A recent study by Recap shows that London is now the world’s leading crypto hub. Recap is a crypto tax platform that is used to generate crypto tax reports and helps in reporting. This study takes around 8 parameters into account to determine which country is at the top when talking about crypto adoption.
The firm recently published a report that highlighted the top global crypto hubs and London being tagged as the most crypto-ready city. The variables that were a part of the study were the number of crypto businesses and employees, research spending, the number of crypto ATMs, development spending, crypto tax rates, crypto ownership and more.
Coming to London, which has been dubbed as the most forward city in terms of crypto adoption, has over 800 crypto companies in the city. They also hosted the 2nd highest number of crypto events in 2022. The city is a part of the UK and has been going in line with the goal of its new prime minister Rishi Sunak. Rishi wants the UK to become the hub and leader in crypto tech and investments.
The 2nd spot in Recap’s survey is Dubai, which is a part of the UAE. The primary reason why Dubai has an appeal for crypto investors is the 0% tax rate. There are 772 crypto companies in the city of Dubai, which is lower than the 843 firms present in New York, which is in the 3rd position.
Crypto adoption is rising, and it is a positive sign
The founder and CEO of Recap, Daniel Howitt, recently said that the growth of crypto assets in the past few years has been fascinating. It is increasingly becoming more intertwined with the traditional financial markets, and many cities are embracing this new technology. Other nations that were on the list of the top global crypto hubs are Singapore, Los Angeles, Hong Kong, Paris and more. There are nations that were once at the top of the list, like Singapore, that have now moved down.
What are your thoughts, as London is dubbed the world’s leading crypto hub by Recap? And do you think that just by making Bitcoin a legal tender, you can’t be a leader in crypto? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends and family.