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.
UK Prime Minister Rishi Sunak’s vision to “ensure the UK financial services industry is always at the forefront of technology and innovation” is on the right path, reveals research conducted by Recap. An examination of eight key data points determined London to sport the highest crypto-readiness to entice businesses and start-ups.
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.
The above list shows the top 50 major cities that have an infrastructure ready to experience 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, R&D spend as a percentage of GDP and capital gains tax rate.
Out of the lot, London is home to the most number of people working in crypto-related jobs — an indication of higher interest among the general public in the crypto ecosystem. However, cities from other geographies overshadow London in other metrics, strengthening the case for the global adoption of cryptocurrencies.
Steering forward in the quest to stay at the forefront, the Bank of England (BoE) and the United Kingdom Treasury highlighted the need to create a central bank digital currency (CBDC) by 2030.
Cointelegraph previously reported that sources claim that the “digital pound” roadmap is set to be introduced by mid-February. The UK reportedly experienced a 35% drop in cash and coin payments in 2020 — a clear indication of an incoming era of digitization.