UK-based crypto taxation start-up Recap has revealed its findings on the ‘crypto-readiness’ of the world’s most populated cities.
Their research evaluated eight key data points, namely quality of life, crypto-specific events, the number of people working in crypto-related jobs, the number of crypto companies, R&D spend as a percentage of GDP, the number of crypto ATMs, the capital gains tax rate, and the ownership of crypto in each country.
According to Recap, the global use of crypto has seen a significant increase with a 400% rise between 2020 and 2022, and this growth trend is expected to continue. As the crypto industry becomes more regulated, cities are competing to position themselves as the leading hub for crypto-asset technology and investment.
Recap highlights that London is currently the leading crypto-hub in the world, with the city boasting the highest number of people working in crypto-based jobs and a thriving startup ecosystem. Despite its position as a leader, only 11% of people in England own or use crypto.
Dubai comes in as a close second, with its 0% tax policy and high quality of life score making it a desirable destination for crypto investors. Two-thirds of UAE adults are reportedly interested in cryptocurrency.
New York takes the third spot, with the highest number of companies specializing in the crypto field and large investments in R&D. The city is positioning itself as a top destination for cryptocurrency with events such as CryptoMondays.
Singapore takes fourth place, with 25% ownership of crypto and over 1,000 people working in the industry. The city’s tax policies, including no requirement for investors to pay capital gains tax, make it an attractive destination for the crypto community.
Los Angeles comes in fifth, with a thriving crypto community, government support, and a state-wide pool of diverse talent.
Zug, Switzerland, known as the country’s crypto capital, is also emerging as a leading crypto-ready city with over 300 crypto-based companies and a 0% tax on capital gains.
Recap says that these were the top 50 crypto hub cities in 2022:
Featured Image via Pixabay