Study Reveals London As Global Hub For Digital Currencies

London – A Crypto-Friendly City

Findings of a recent survey, which were compiled by Recap i.e. a crypto tax firm, have been made public on 25th January 2023.

The survey was specifically related to unveiling the best cryptocurrency hubs in the world. The findings hence revealed the historical London city of UK to be the top ‘crypto-ready’ place on earth.

In simple words, the findings of the survey suggested that London is currently the most crypto-friendly and welcoming city in the world.

Recap’s Approach to Survey

Recap told that before commencing the survey, it first laid down eight-element-long criteria for arriving at the best possible results.

In this eight-element long criteria, elements such as cryptocurrencies’ taxes, ownership, entities, recruits, growth, and city-wise GDPs, were taken into account, explained Recap.

Firstly, Recap’s survey revealed that London is currently the top city in the world where the highest number of crypto recruits have been employed. Recap noted that London alone has been housing more than 800 crypto corporates.

Secondly, London was found to be the second city in the world where the highest number of crypto-related events have been taking place.

It is on record that London single-handedly hosted the most number of crypto events in the previous year.

UK’s Prime Minister Leading By Example

The survey also highlighted that since Rishi Sunak became the UK’s Prime Minister, the crypto industry’s growth in the country is thriving. This is particularly so because PM Sunak is known as a huge crypto fan.

In fact, the British Prime Minister is also focusing on transforming the UK into a global crypto hub mainly for investment and technology purposes.

Dubai Ranks Second After the UK

Furthermore, the survey revealed that the next-in-line city, in terms of securing second place after the UK, is Dubai.

Recap explained that the globally famed city of Dubai is pursuing its dominance over the rest of the world in all fields of life.

The surveyor suggested that though Dubai is at second now a few years later it could become the top crypto hub globally. It has been doing whatever it can to make it happen and become the best place for the crypto industry.

One of the best advantages Dubai has is the ‘tax-free zone’ and hence the city is inviting the huge attention of global crypto investors.

For people who are serious about investing in cryptocurrencies and want to make it a long-term business, Dubai is the right place for them.

It is expected that Dubai may implement taxes on cryptocurrencies whether they are being traded or being held. However, the state has not given any hint when it is going to implement it.

Until that happens, the locals in Dubai can benefit by paying no taxes at all on cryptocurrencies.

In terms of active crypto corporates in Dubai, the survey revealed that the city is comprised of over 772 such entities.

New York has been determined to be the third top city in the world for cryptocurrencies. According to the survey, there are more than 843 crypto-based entities that are rendering services in New York.

However, crypto investment-wise, New York can easily be put at the number one spot as it has the highest number of active investors in it. The city is also home to the largest number of blockchain research centers in the world.

Remarks of Recap’s Founder

Daniel Howitt, Recap’s co-founder, noted that the crypto industry’s growth in the past couple of years was highly commendable. He appreciated the traditional finance sector for allowing crypto technology to integrate within.

He further appreciated that crypto and its underlying technology are being wholeheartedly welcome in various landmark cities of the world.

Recap’s survey also did not forget to name ‘honorable mentions’ which included globally famed cities of Hong Kong, Singapore, Paris, Bangkok, etc.

Howitt further sees immense potential in Hong Kong and Dubai to compete with each other for becoming the future’s top hub for cryptocurrencies.

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