Recent research has named London as the world’s most ready city for crypto and blockchain technology. The research considered eight key metrics, including crypto related jobs, events and taxes, among others, before making its final ranking.
London becomes the crypto-currency capital of the world
London’s unparalleled willingness to accept crypto-currencies may have just cemented its place as the crypto-currency capital of the world. But it’s worth noting that the city’s newfound affinity for crypto may have something to do with Rishi Sunak. Sunak himself recently became the Prime Minister of the United Kingdom. And after taking office, he vowed to ensure that “the UK’s financial services sector is always at the forefront of technology and innovation.”
Per research conducted by Recap, London is the most attractive city in the world for crypto companies and startups. This means that, in addition to its seemingly crypto-friendly regulations, the city has an infrastructure that supports the general adoption of crypto-currencies.
As it stands, London is in the lead, followed by Dubai and New York, in that order. Interestingly, Hong Kong only comes in seventh. However, this signals a significant decline in the East Asian region’s crypto readiness. Recall that in 2022, Hong Kong was the most crypto-currency ready country in the world.
In the research, the factors used to score the cities included the total number of crypto-currency-based events that were held in each city. The study also took into account the number of jobs, businesses and cryptocurrency holdings, as well as the total number of cryptocurrency ATMs. However, it also took into account some non-crypto factors that would make these cities attractive to businesses and startups. These include quality of life, research and development spending as a percentage of gross domestic product (GDP) and tax rates.
Global adoption is on the rise
Although London is by far the most welcoming city for people working in the crypto industry, there seems to be a problem. The city falls short in other areas. For example, it lags behind in the number of crypto-currency ATMs. According to the research report, London has only four crypto-currency ATMs, compared to 2021 in Luanda, Angola.
So the statistics are proof enough that there is a strong case for the adoption of crypto-currencies on a global scale.