• London is the world’s leading hub for cryptocurrencies according to research from Recap, a cryptocurrency tax software company.
• Recap used eight indicators to identify the top global cryptocurrency hubs, with London named the “most crypto-ready city” due to the number of cryptocurrency businesses and ATMs in the city.
• Dubai and New York are the second and third largest hubs, respectively, due to their 0% tax rates and large number of cryptocurrency-based companies.
The cryptocurrency market has grown exponentially in the past few years, with a surge in the number of businesses and individuals investing in digital assets. This growth has been accompanied by an increasing number of cryptocurrency hubs, which provide a platform for businesses and individuals to invest and trade in cryptocurrencies. Now, according to research from Recap, a cryptocurrency tax software company, London has been crowned the world’s leading hub for cryptocurrencies.
To identify the top global cryptocurrency hubs, Recap analyzed eight indicators, including the number of cryptocurrency businesses and the quantity of cryptocurrency ATMs in each country. The research found that London was the “most crypto-ready city” due to the large number of cryptocurrency businesses and ATMs located in the city. In addition, the research highlighted the fact that London hosts the second-highest number of cryptocurrency-related events and conferences in 2022, aligning with U.K. prime minister Rishi Sunak’s goal to establish the United Kingdom as the world’s hub for cryptocurrency technology and investment.
Dubai, the most populous city in the United Arab Emirates, was named the second largest cryptocurrency hub, with 772 cryptocurrency-based companies. The report details that Dubai’s appeal as a residence for cryptocurrency investors is due to its 0% tax rate, making it an attractive destination for those looking to invest in digital currencies.
New York was 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 compared to its GDP, making it an attractive destination for investors and entrepreneurs.
Overall, the research from Recap highlights the importance of cryptocurrency hubs, as well as the potential for growth in the industry. As the adoption of digital currencies continues to increase, the need for these hubs will grow, making them increasingly important for investors and entrepreneurs.