According to study, London is the city with the most business agility for cryptocurrencies.
An examination of eight key data points determined London to sport the highest crypto readiness to entice businesses and start-ups.
A supporting infrastructure that can give the general public access to and exposure to the ecosystem is necessary for the mainstream acceptance of cryptocurrencies, in addition to crypto-friendly policies. London tops the list of the world’s most crypto-ready cities for enterprises and start-ups when eight important variables related to taxation, ATMs, jobs, and events in the space are taken into account.
Recap’s analysis demonstrates that Prime Minister Rishi Sunak’s goal of “ensuring the U.K. financial services business is constantly at the forefront of technology and innovation” is on the correct track. Eight significant data points were examined, and it was found that London has the highest level of crypto-readiness to attract firms and start-ups.
Leading megacities like New York and Dubai made the top three on the list. However, Hong Kong, which was ranked as the nation most prepared for cryptocurrency in 2022, dropped to sixth in the study.
The top 50 big cities with infrastructure ready for widespread cryptocurrency adoption are listed above.
The overall number of crypto-specific events, occupations related to crypto, organizations focused on crypto, and the number of crypto ATMs are some of the important variables taken into account in the study. Life quality, the proportion of GDP spent on research and development, and the capital gains tax rate are a few non-crypto factors to take into account.
London has the highest concentration of residents employed in crypto-related fields of all the cities, a sign of greater public interest in the crypto ecosystem. But other cities outperform London in several criteria, supporting the argument for the widespread use of cryptocurrencies.
The Bank of England and His Majesty’s Treasury emphasised the necessity to introduce a central bank digital currency by 2030 as they continued their drive to remain in the forefront.