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According to research from Recap, a cryptocurrency tax software company, London has become the world\u2019s leading hub for cryptocurrencies. The researchers analyzed eight indicators, including the number of cryptocurrency businesses and the quantity of cryptocurrency ATMs in each country.<\/strong><\/p>\n Crypto tax firm Recap released a research report<\/a> on Jan. 25, 2023, highlighting the top global cryptocurrency hubs, with London named the \u201cmost crypto-ready city.\u201d Recap used criteria from eight elements, including the number of cryptocurrency<\/a> businesses and employees, research and development spending compared to each city\u2019s GDP, the number of cryptocurrency ATMs, cryptocurrency ownership, and capital gains tax rates.<\/p>\n Recap\u2019s report details that London has the most people employed in the cryptocurrency industry compared to other global regions. The city is home to over 800 cryptocurrency-based companies and hosted the second-highest number of cryptocurrency-related events and conferences in 2022. The report states that London\u2019s lead aligns with U.K. prime minister Rishi Sunak<\/a>\u2018s goal to establish the United Kingdom as the world\u2019s hub for cryptocurrency technology and investment.<\/p>\n London is followed by Dubai, the most populous city in the United Arab Emirates, as the second largest cryptocurrency hub. According to Recap\u2019s study, Dubai\u2019s appeal as a residence for cryptocurrency investors is due to its 0% tax rate. The study notes that Dubai has 772 cryptocurrency-based companies. New York is 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.<\/p>\n \u201cCrypto assets have grown massively over the past few years, and are becoming increasingly interlinked with the regulated financial markets, and the fact that so many cities are embracing it is a positive sign,\u201d said Daniel Howitt, co-founder and CEO of Recap, commenting on the latest study. \u201cLondon being the world\u2019s leading crypto hub is good news for the government\u2019s plans to make the U.K. a \u2018global hub for crypto-asset technology and investment.\u2019\u201d<\/p>\n \n London, Dubai, and New York are followed, in order, by Singapore, Los Angeles, Zug, Hong Kong, Paris, Vancouver, and Bangkok. \u201cHong Kong, Paris, Vancouver, and Bangkok complete the top ten due to low capital gains tax, high volume of crypto ATMs, and the number of people in the crypto field,\u201d Recap\u2019s researchers note. \u201cInterestingly, San Salvador in El Salvador, came 41st in the table with only ten people working in crypto-based jobs \u2013 but is the only place where bitcoin is considered a legal tender. Residents are able to spend it like currency as shop prices are also quoted in bitcoin (BTC)<\/a>,\u201d the study\u2019s researchers add.<\/p>\n You can check out Recap\u2019s research report in its entirety here<\/strong><\/a>.<\/p>\n What do you think sets London apart as the world\u2019s leading cryptocurrency hub, and do you believe this trend will continue in the future? Let us know your thoughts about this subject in the comments section below.<\/strong><\/em><\/p>\nKey Findings of Recap\u2019s Study on Global Cryptocurrency Hubs<\/h2>\n
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