Along with pro-crypto regulations, mainstream adoption of cryptocurrencies requires a supporting infrastructure that can allow the general public access and exposure to the ecosystem. When considering eight key indicators around taxes, ATMs, jobs and events in crypto, London stands at the top as the most crypto-ready city in the world for businesses and start-ups.
United Kingdom Prime Minister Rishi Sunak’s vision to “ensure the U.K. financial services industry is always at the forefront of technology and innovation” is on the right path, research conducted by Recap shows. An examination of eight key data points determined London to sport the highest crypto-readiness to entice businesses and start-ups.
Top 20 crypto-ready cities in the world. Source: Recap
As shown above, leading metropolitan cities such as Dubai and New York made it to the top three in the list. However, Hong Kong, which was positioned as the most crypto-ready country in 2022, fell to seventh place in the research.
Top 50 crypto hubs, city-wise comparison. Source: Recap
The above list shows the top 50 major cities with an infrastructure ready for the mass adoption of cryptocurrencies.
Some key factors considered in the study include the total number of crypto-specific events, crypto-related jobs, crypto-specific companies and the number of crypto ATMs. Some of the non-crypto considerations include quality of life, research and development spending as a percentage of gross domestic product and capital gains tax rate.
Of the lot, London is home to the most people working in crypto-related jobs – an indication of higher interest among the general public in the crypto ecosystem. However, other cities overshadow London in some metrics, strengthening the case for the global adoption of cryptocurrencies.
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Steering forward in the quest to stay at the forefront, the Bank of England and the His Majesty’s Treasury highlighted the need to launch a central bank digital currency by 2030.
Cointelegraph previously reported that sources claim that the “digital pound” roadmap is set to be introduced by mid-February. The U.K. reportedly experienced a 35% drop in cash and coin payments in 2020, indicating a trend toward cashless transacting.