homephotos Newscryptocurrency NewsLondon rated as world’s most crypto ready city for business — Here's a look at the others on the list

London rated as world’s most crypto-ready city for business — Here's a look at the others on the list

London rated as world’s most crypto-ready city for business — Here's a look at the others on the list
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By CNBCTV18.com Feb 7, 2023 7:44:36 PM IST (Published)

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A recent report by Recap — a leading crypto tax software and portfolio tracker — declared London as the world's most crypto-ready city for businesses, overtaking last year's leader Hong Kong. Read on to know what are the criteria to evaluate a city's crypto infrastructure and which other cities are on the list

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How is crypto readiness evaluated | The Recap report looks at eight factors when determining the crypto readiness of a city — extent of crypto taxes, how many crypto events there are in a year, the city’s network of crypto ATMs, the number of crypto jobs and companies, among others. (Image courtesy: Shutterstock)

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#1 London | London has the highest number of citizens (2,173) working for crypto-related companies. The city also has more than 800 crypto firms and has hosted the second-highest number of crypto events in 2022. However, the city lags in terms of crypto ownership, with just 11 percent of the population holding any kind of digital assets. Considering these factors, London scores the highest in terms of crypto-readiness, racking up a score of 458.5 overall.

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#2 Dubai | It ranks second on Recap's report of crypto-ready cities for business. Dubai has made consistent strides in crypto infrastructure. Over the last couple of years, the gulf nation has passed several laws to allow crypto exchanges to operate in the city. This initiative has seen Binance, Deribit, Blockchain.com, OKX and several other exchanges apply for licences to operate in Dubai in 2022. Moreover, Dubai is known for its 0 percent income tax for individuals, making it extremely lucrative for crypto investors. According to the Recap report, the city also has 772 crypto firms within its city limits, offering several work opportunities for those seeking employment in the cryptosphere.

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#3 New York | The city has its own cryptocurrency, the NYCCoin. It also has its own weekly digital asset event, known as CryptoMonday, that allows crypto enthusiasts to network, find jobs and share their views with others. The Big Apple is also home to 843 crypto-based companies offering more than 1,400 jobs. The city is also trying to allow crypto payments for fines, taxes, and other state charges. All these factors land New York with a crypto-readiness score of 415.3, only a few points behind Dubai’s 447.2.

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#4 Singapore | Singapore is an important crypto hub. Several of the biggest crypto firms have their headquarters in the city-state. For instance, the popular crypto exchange, Crypto.com, has its headquarters in Singapore. Similarly, the city is home to 800 other crypto-specific firms and has more than 1,000 crypto-related jobs. Singapore also has extremely lenient taxation rules, including a 0 percent tax on capital gains and low corporate tax. This makes the city a lucrative destination for crypto firms and investors. As such, the city was able to rack up a crypto-readiness score of 394.

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#5 Los Angeles | Los Angeles rounds off the top five cities in terms of crypto-readiness for businesses. It speaks to the progress that the US has made in the cryptoverse, with two cities making the list of top crypto cities. Los Angeles even renamed its iconic basketball stadium, the Staples Centre, to the Crypto.com arena. The city even hosted one of the largest blockchain events, the NFT Expoverse, in July 2022.

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The other five spots — Zug, Hong Kong, Paris and more | Bringing up the sixth position is Zug, the crypto capital of Switzerland. The tiny city plays host to several high-profile crypto events such as the CV Summit. It is also the place where the founding members of Ethereum met before they launched the first and largest altcoin network. It also has 0 capital gains and allows citizens to pay their taxes in crypto. Coming in seventh is Hong Kong, which held the number 1 sport in the previous edition of the report. Paris, Vancouver, and Bangkok close off the top 10. And as crypto adoption grows, the cities on this list are bound to change, and we could even see a new leader in the coming years.

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