According to research from Recap, a cryptocurrency tax software company, London has become the world's leading hub for cryptocurrencies.
businesses and employees, research and development spending compared to each city’s GDP, the number of cryptocurrency ATMs, cryptocurrency ownership, and capital gains tax rates.
Recap’s 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’s lead aligns with U.K. prime minister‘s goal to establish the United Kingdom as the world’s hub for cryptocurrency technology and investment.
London is followed by Dubai, the most populous city in the United Arab Emirates, as the second largest cryptocurrency hub. According to Recap’s study, Dubai’s 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.
“Crypto 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,” said Daniel Howitt, co-founder and CEO of Recap, commenting on the latest study. “London being the world’s leading crypto hub is good news for the government’s plans to make the U.K. a ‘global hub for crypto-asset technology and investment.
London, Dubai, and New York are followed, in order, by Singapore, Los Angeles, Zug, Hong Kong, Paris, Vancouver, and Bangkok. “Hong 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,” Recap’s researchers note.
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