Here are the top 20 cities across the globe that are having massive adoption of crypto use. Satoshi Nakamoto first laid the blueprint for Bitcoins in October 2008. It created a new ecosystem that soon included other cryptocurrencies and many platforms to support them. Since then, the industry has seen a lot of growth. Some countries such as El Salvador and the Central African Republic have since adopted Bitcoin as a legal tender. In contrast, others like China, Bolivia, and Saudi Arabia have imposed huge restrictions on the use of cryptocurrencies.
How about your current city? Are there restrictions stifling the growth of cryptocurrencies? Is your city a crypto-friendly hub evidenced by fintech adopting crypto to provide business solutions, Bitcoin ATMs, Crypto-related jobs, or events? Here is a list that may interest you when it comes to cryptocurrency. They are the top crypto hub cities.
Top Crypto Hub Cities
According to a research publication by Recap.io, the top 20 Crypto hub cities are listed below. The research is based on 8 different metrics such as Quality of life score, Crypto-specific events, People working in crypto-related jobs, Crypto companies, R&D spending as a percentage of GDP, Number of crypto ATMs, Capital gains tax rate and Ownership of crypto in each country.
1. London, UK
London is first on the list with over 800 crypto-based companies. It was host to the second-highest number of crypto-related events and conferences in 2022. London has huge government support when it comes to making it a crypto hub. Prime Minister Rishi Sunak announced plans to make the UK a “global hub for crypto-asset technology and investment”. There is likely to be some favorable legislation coming for crypto with such a pronouncement. And of course, that will drive further crypto-friendliness for the city and its inhabitants.
2. Dubai, United Arab Emirates
Dubai is just behind London in the list of crypto hub cities. It is home to a lot of crypto-friendly laws to support Blockchain technology and Cryptocurrency. A survey by YouGov found that 67 percent of young Adults in the city are interested in cryptocurrency. The same report also shows that the UAE is leading the world in terms of trust in cryptocurrencies. Dubai has about 772 Crypto-related companies and it implements a 0 percent tax, making it a very attractive place to live in if you are a crypto-loving fan.
3. New York City, USA
New York City comes in third place with 843 businesses that are crypto-related. There is much investment in crypto-related Research and Development from the Big Apple and a lot of persons employed in crypto-related jobs. New York is also host to a lot of crypto events, one such is CryptoMondays – an event that takes place weekly for people to exchange ideas and network in the crypto ecosystem.
4. Singapore, Republic of Singapore
Singapore is a tax haven for crypto-related investments. It is home to about 800 crypto-related companies and has a large population of residents (25 percent) who own and use cryptocurrencies.
5. Los Angeles, USA
Los Angeles is home to the famous Staple Centre now renamed the new Crypto.com arena. Crypto.com certainly has had an impact on the crypto community in Los Angeles. There is support from the Government to drive crypto-related businesses and huge investments in R$Ds.
6. Zug, Switzerland
This is a relatively small town compared to other cities in the crypto-hub list. It has a large concentration of interconnected crypto-businesses. Zug is also dubbed “Switzerland’s Crypto Capital”. It is also tax-friendly as it charges 0% on capital gains in crypto investments, it is also one of the few places where residents are allowed to pay their taxes in crypto.
Others include
Lagos, Nigeria
Lagos is the most Populous City in Africa with a lot of teeming youth with a huge appetite for crypto products. It is not uncommon to see local businesses accepting crypto-currencies as a means of payment. Lagos comes in at No.14 in terms of crypto adoption. 45 percent of young adults in Lagos are familiar with cryptocurrency.
7. Hong Kong 8. Paris, France 9. Vancouver, Canada 10. Bangkok, Thailand 11. Chicago, USA 12. Berlin, Germany 13. Sapporo, Japan 14. Lagos, Nigeria 15. Lisbon, Portugal 16. Kuwait City, Kuwait 17. Tehran, Iran 18. Sydney, Australia 19. Osaka, Japan 20. Kuala Lumpur, Malaysia
Conclusions
Cryptocurrency is increasingly becoming an integral part of our daily lives, supporting businesses and acting as an alternative payment option in some cases. The emergence of cities that provide support to the industry will encourage further advancement of the space and push wider adoption of cryptocurrencies. The recent turn of events has resulted in an uptrend in the number of crypto hub cities and has had a positive effect on the industry.