London tops global rankings for crypto hubs with the second-highest number of crypto businesses.
Over 800 crypto-based businesses are active in London, the most populated city in the UK, making it one of the top 3 crypto centres along with Dubai and New York.
In order to determine its rankings, Recap’s annual list of the top crypto hub cities for 2023 considers important factors like tax status, quality of life index, and the overall number of crypto enterprises and professionals in a certain metropolitan region.
The biggest number of persons employed in the sector was discovered in London, where there were an estimated 2,173 crypto-related workers.
Dubai was ranked second on the list. The Emirate, which is home to the titan of the sector Binance (as well as CZ), has a regulatory open-door approach when it comes to regulating cryptocurrencies.
The Emirate is eager to investigate how blockchain developments, exchanges, and OTCs might enable a thriving DeFi economy to take root in the Gulf nation, which is home to several crypto entrepreneurs like Marcello Mari of Singularity.
With 843 enterprises specialising in the subject, New York, which has made major investments in R&D and employs over 1,400 individuals in related professions, came in third.
Neither Pyongyang, where the FBI claims one of the most successful crypto hacking teams ever built resides, nor Miami, which is home to several of the top crypto conferences and events worldwide, are included on the list.
Singapore, another centre for cryptocurrency taxation, comes in at number four. More than 800 crypto businesses operate in the city, and more than 1,000 people work in the sector. Notably, Singapore does not charge cryptocurrency investors a capital gains tax.
Singapore, another centre for cryptocurrency taxation, comes in at number four. More than 800 crypto businesses operate in the city, and more than 1,000 people work in the sector. Notably, Singapore does not charge cryptocurrency investors a capital gains tax.
The report praises Los Angeles for creating a thriving crypto community, and Zug, the Swiss canton known as “crypto valley,” which is home to numerous startups, NFT galleries, and advantageous tax laws, is ranked sixth. Zug is also home to private equity investment firms like Dialectic and the Bitcoin and Ethereum Foundations.
Zug provides people with the unique choice of paying their taxes in cryptocurrencies in addition to having a 0% capital gains tax. With a score of 212.78, it also has the highest quality of life rating among the cities that were examined.
Hong Kong, Paris, Vancouver, and Bangkok make out the top 10, thanks to their low capital gains taxes, dense populations of cryptocurrency ATMs, and large numbers of industry professionals. Rounding out the top 20 are Chicago, Berlin, Sapporo, Lagos, Lisbon, Kuwait, Tehran, Sydney, Osaka, and Kuala Lumpur.
