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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 businesses and the amount of cryptocurrency ATMs in each country.
Crypto tax firm Recap released a research report on January 25, 2023, highlighting the top global cryptocurrency hubs, with London named the “most crypto-ready city.” Recap used criteria from eight items, including the number of cryptocurrency businesses and employees, research and development spending compared to each city’s GDP, number of cryptocurrency ATMs, cryptocurrency ownership and capital gains tax rates.
Recap’s report details that London has the most employees in the cryptocurrency industry compared to other global regions. The city is home to over 800 cryptocurrency-based companies and hosted the second highest number of cryptocurrency-related events and conferences in 2022. The report states that London’s leadership aligns with UK Prime Minister Rishi Sunak’s aim to establish the UK as the world’s 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 hub. According to Recap’s study, Dubai’s appeal as a home 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 firms specializing in cryptocurrency and blockchain technology. The American city is also home to the largest investment in cryptocurrency research and development.
“Crypto-assets have grown massively in recent years, becoming increasingly intertwined with the regulated financial markets, and the fact that so many cities are embracing it is a positive sign,” said Daniel Howitt, co-founder and CEO of Recap, commenting on the latest the study. “London as the world’s leading crypto hub is good news for the government’s plans to make the UK a ‘global hub for technology and investment in crypto assets.’
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 complete the top ten due to low capital gains tax, high volume of crypto ATMs and number of people in the crypto space,” Recap’s researchers note. “Interestingly, San Salvador in El Salvador came 41st in the table with only ten people working in crypto-based jobs – but is the only place where bitcoin is considered legal tender. Residents can use it as currency as store prices are also quoted in bitcoin (BTC),” the study’s researchers add.
You can check out Recap’s research report in its entirety here.
What do you think sets London apart as the world’s leading cryptocurrency hub, and do you think this trend will continue in the future? Let us know your thoughts on this topic in the comments section below.
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