According to recent research by Recap, London is leading the way in cryptocurrency readiness. By examining eight crucial indicators, such as taxes, ATMs, job opportunities, and events, London emerged as the top city for businesses and start-ups looking to dive into crypto.
With the U.K. Prime Minister Rishi Sunak’s vision to keep the country’s financial services industry on the cutting edge of innovation and technology, London’s pro-crypto regulations and supportive infrastructure make it the ideal place for businesses to thrive in the cryptocurrency space.
As the mainstream adoption of cryptocurrencies continues to grow, it’s important for cities to have the proper infrastructure in place to allow easy access and exposure to the ecosystem.
London’s strong stand in this area is a testament to its commitment to supporting and encouraging growth in the crypto industry.
In the world of cryptocurrency, the leading cities are making a significant impact. Dubai and New York have secured spots in the top three on the list of cities with the infrastructure ready for the widespread adoption of cryptocurrencies.
However, once considered the most crypto-ready country, Hong Kong has fallen to seventh place in the latest research.
The list showcases the top 50 cities that have what it takes to accept cryptocurrencies fully. The study took into account various factors, such as the number of events related to crypto, jobs in the crypto industry, companies specializing in crypto, and the availability of crypto ATMs.
It also considered non-crypto aspects like the quality of life, R&D spending as a percentage of GDP, and the capital gains tax rate.
London leads the pack when it comes to employment in the crypto industry, a reflection of the public’s growing interest in the crypto world.
Despite this, other cities have overtaken London in specific metrics, further emphasizing the global potential of cryptocurrencies.
As the world rapidly advances, the Bank of England and His Majesty’s Treasury are determined to stay ahead of the curve by exploring the launch of a central bank digital currency by the year 2030.
The U.K. has seen a noticeable shift towards cashless transactions, with a 35% decrease in the use of cash and coin payments just last year. In the near future, there are plans to introduce a “digital pound” roadmap to keep up with this trend.
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