A supporting infrastructure that can give the general public access and exposure to the ecosystem is needed in order for cryptocurrencies to be widely adopted, together with rules that are supportive of them. London is the most cryptocurrency-ready city in the world for enterprises and start-ups when eight important variables related to taxation, ATMs, jobs, and events are taken into account.
According to Recap’s analysis, Prime Minister Rishi Sunak of the United Kingdom is on the right track with his goal to. “Guarantee the U.K. financial services business is constantly at the forefront of technology and innovation.” London has the best level of crypto-readiness to attract enterprises and start-ups. According to an analysis of eight key data factors.
Leading metropolitan areas like New York and Dubai made it to the list’s top three spots, as can be seen above. Hong Kong, which was predicted to be the country most prepared for cryptocurrency in 2022, dropped to seventh place in the study.
Top 50 Crypto Hub Cities
The top 50 big cities with cryptocurrency adoption infrastructure are listed in the list above.
The study took into account a number of important variables, including the total number of crypto-specific events. Jobs related to crypto, companies specifically focused on crypto, and the number of crypto ATMs. Quality of life, research and development spending as a percentage of GDP. And the capital gains tax rate are a few non-crypto factors to take into account.
London has the highest concentration of residents employed in crypto-related fields of all the cities. A sign of greater public interest in the crypto ecosystem. But other cities outperform London in several criteria, supporting the argument for the widespread use of cryptocurrencies.
The Bank of England and His Majesty’s Treasury emphasised the necessity to introduce a central bank digital currency by 2030. As they continued their drive to remain in the forefront.