February 2, 2023

Dubai Second-Largest Crypto City in World

Dubai Second-Largest Crypto City in World Featured Image

Dubai

Dubai was ranked the world’s second-largest crypto hub following London, a recent research showed. 

Recap, a crypto tax software and crypto portfolio tracker, conducted research on the most cryptocurrency-ready cities in the world. The index comprises eight criteria, such as crypto-specific events, crypto meet-ups, the number of crypto workers and companies, R&D spending as a percentage of GDP, and the quality of life score in each city.

Dubai’s place pushed it to be the pioneering spot for cryptocurrency and blockchain technology in the Middle East in light of issuing several laws on the regulation and operation of crypto, the London-based firm said. Crypto investors saw Dubai as a desirable location for its 0% tax policy, high quality of life, and large number of crypto-based companies, which reached 772. 

Top 20 Crypto Cities

However, Dubai is still behind London because the UK capital has the largest number of people working in the crypto industry and crypto companies that reached 800 firms. New York, Singapore, and Los Angeles were also pioneering crypto hubs, coming in the third, fourth, and fifth places, respectively, in the index. 

In this regard, Co-founder of Recap David Howitt lauded Dubai’s ranking in second place globally, saying it is good news for the government which is expected to launch its own digital currency by 2026. “Crypto assets have grown massively over the past few years, and are becoming increasingly interlinked with the regulated financial markets, and the fact that so many cities are embracing it is a positive sign,” Howitt went on saying. 

A recent survey by YouGov survey also found that two-thirds of UAE adults are interested in cryptocurrency.

Howitt added that the research found that the world’s least developed countries are significantly less prepared to become crypto-hubs due to a lack of infrastructure, foreign investment, and a skilled workforce. This could cause barriers to trade with more developed crypto-hubs in the future – so it’s important they’re all given the opportunity to get up to speed.

The top 10 crypto hub cities included Zug of Switzerland, Hong Kong, Paris, Vancouver, and Bangkok. 

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