London has emerged as the top global hub for cryptocurrencies, claims research from Recap, a provider of bitcoin tax software.
The Study’s Key Findings on Global Cryptocurrency Hubs
On January 25, 2023, the cryptocurrency tax company Recap published a research report outlining the top worldwide cryptocurrency hubs, with London being identified as the “most crypto-ready metropolis.” Recap used criteria from eight different categories, such as the quantity of cryptocurrency enterprises and workers, the proportion of each city’s GDP spent on R&D, the availability of bitcoin ATMs, cryptocurrency ownership, and capital gains tax rates.
According to Recap’s research, London has the most people working in the bitcoin market globally.
Over 800 businesses focused on cryptocurrencies are situated in the city, which also played host to the second-highest number of conferences and events in 2022.
According to the newspaper, London’s initiative is in line with British Prime Minister Rishi Sunak’s ambition to make the country the world’s centre for bitcoin investment and technology.
The second-largest cryptocurrency hub is London, which is followed by Dubai, the most populated city in the United Arab Emirates.
Dubai’s appeal as a residence for bitcoin investors is owing to its 0% tax rate, per Recap’s analysis.
According to the survey, Dubai is home to 772 businesses that use cryptocurrencies.
With 843 businesses focusing in bitcoin and blockchain technology, New York is the third-largest hub.
The biggest investment in bitcoin research and development is also located in this American metropolis.
The government’s intentions to establish the United Kingdom as a “global hub for crypto-asset technology and investment” are encouraged by London’s position as the top crypto hub in the world.
In that sequence, Singapore, Los Angeles, Zug, Hong Kong, Paris, Vancouver, and Bangkok are placed after London, Dubai, and New York.
Due to their low capital gains taxes, large number of cryptocurrency ATMs, and population, Hong Kong, Paris, Vancouver, and Bangkok round out the top ten, according to Recap’s researchers.