London cryptocurrency center

Based on the research of Recap, a software company that develops software for accepting cryptocurrencies, London has become the world's leading center for cryptocurrencies. Researchers analyzed all indicators, including a number of cryptocurrency businesses and a number of cryptocurrency ATMs in every region.

Main findings of Recap research on global cryptocurrency hubs

On September 25, 2023, the crypto-funding firm Recap published a report on research into which the world's largest cryptocurrency centers are identified, and London was called “the place most ready for cryptocurrency.” Recap based on criteria from eight elements, including the number of cryptocurrency companies and traders, spending on research and development is equal to the GDP of each place, the number of cryptocurrency ATMs, ownership of cryptocurrency and tax rates on capital growth.

According to Recap, London has the largest number of people employed in the cryptocurrency industry compared to other regions of the world. The place is home to over 800 companies that deal with cryptocurrencies, and in 2022 another place will host a number of visits and conferences related to cryptocurrencies. It appears that the leadership of London is pleased with the approach of the Prime Minister of Great Britain, Resha Sunak, to create the Kingdom as a center of light for cryptocurrency technologies and investments.

Behind London is Dubai, the most densely populated place in the United Arab Emirates, as another largest cryptocurrency center. According to Recap's research, the advantage of Dubai as a residence for cryptocurrency investors is explained by its 0% tax rate. The study shows that there are 772 companies in Dubai that deal in cryptocurrency. New York is the third largest hub with 843 firms that specialize in cryptocurrency and blockchain technology. The American region is also home to the largest investments in cryptocurrency research and development.

“Crypto assets have grown significantly over the last few years and are becoming increasingly tied to regulated financial markets, and the fact that there is so much acceptance of this is a positive sign,” said Daniel Howitt, senior executive and CEO of Recap. , commenting on further investigation. “The fact that London is the leading crypto hub in the world is a major new development for plans to establish the UK as a “global center for technology and investment in crypto assets.”

Following London, Dubai and New York in order are Singapore, Los Angeles, Zug, Hong Kong, Paris, Vancouver and Bangkok. “Hong Kong, Paris, Vancouver and Bangkok round out the top ten because of the low capital growth rate, the large number of crypto ATMs and the number of people who trade in the cryptosphere,” say Recap researchers. “In fact, San Salvador in El Salvador is ranked 41st in the table, with only ten people working on cryptocurrency robots, which is the only place where Bitcoin is considered a legal means of payment. Retailers can spend them as currency, and prices in stores are also quoted in Bitcoin (BTC),” the investigators add.

Author: GEximius