In that order, London is in the lead, followed by Dubai and New York.
According to recent research, London is the world’s most prepared city for blockchain and cryptocurrency. Before releasing its final rating, the study took into account eight crucial indicators, including, among other things, taxes, events, and occupations associated with cryptocurrencies.
The capital of cryptocurrency in the world is now London.
London’s unmatched willingness to accept cryptocurrency may have just solidified its status as the world’s capital of the industry. However, it should be emphasized that Rishi Sunak could be responsible for the city’s recent enthusiasm for cryptocurrencies. Recently, Sunak was appointed British Prime Minister. He also committed to making sure that “the UK financial services industry is always at the forefront of technology and innovation” after accepting the role.
According to data from Recap, London is the most alluring location in the world for cryptocurrency startups and enterprises. This indicates that the city has infrastructure that enables the widespread adoption of cryptocurrencies, in addition to legislation that appears to be crypto-friendly.
London is now in the lead, followed by Dubai and New York, in that order. The list oddly places Hong Kong in a distant seventh place. However, this indicates a sharp fall in the East Asian region’s crypto-readiness. Remember that Hong Kong was the world’s most crypto-ready nation as of 2022.
The overall number of crypto-based events hosted in each city was one of the research’s scoring elements for the cities. The number of organizations, assets, and ATMs that accept cryptocurrency was also considered in the research. However, several non-crypto aspects that would ordinarily make such places appealing to enterprises and start-ups were also taken into account. They comprise the standard of living, the proportion of GDP spent on research and development, and tax rates.
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The rise in Global Adoption
London is by far the city that is most friendly to those who work in the crypto industry, but there seems to be a catch. Other measures show that the city is lacking. For example, it falls behind in the number of cryptocurrency ATMs. In contrast to Luanda and Angola’s 2021 ATMs, London only has four cryptocurrency ATMs, according to the study report.
Therefore, the statistics are adequate proof that there is a compelling rationale for the adoption of cryptocurrencies on a worldwide scale.