UK Capital Ranked as Top Crypto Hub Globally

The capital of the United Kingdom has been ranked as the best crypto hub in the world according to a recent compilation.

Crypto service provider Recap recently compiled a list of cities it believes are the most popular destinations for the crypto community. Based on eight data points, Recap has identified London as the best global location to drive investment for crypto-related startups.

While London scores positively on broad economic criteria like quality of life and capital gains tax rate, it also had some of the best crypto-related numbers. For example, with 2,173 employees, it has the highest number of people working in the crypto industry anywhere. The number of their crypto-based companies is also among the highest in the world at 800.

London also ranked second when it came to hosting the most crypto events, attracting businesses to the city. However, the study found that the UK ranks rather low in terms of overall crypto ownership at just 11%.

More Crypto Hub Rankings

Places two and three come as no surprise and already act as hubs for their respective regions. How silver medalist Dubai, highlighted in the study, has worked to become the leading blockchain spot in the Middle East. In addition to the 0% tax, authorities have recently introduced new laws that allow crypto exchanges to operate. This policy managed to attract 772 crypto-based companies to the city.

In third place is Recap New York City, which had the highest number of crypto-based companies at 843. While New York is already investing heavily in research and development, it also has around 1,400 people working in the crypto space. The city also hosts crypto-centric events like the weekly CryptoMondays.

British crypto plans revealed

The UK has already featured prominently in rankings of the top spot for crypto companies. At the end of last year, the country ranked second as the world’s most business-friendly country for cryptocurrencies. Meanwhile, Singapore, which topped the list, ranked fourth on the recap list.

Despite successive political and economic crises in the UK over the past year, confidence was restored when Rishi Sunak became Prime Minister. As Chancellor of the Exchequer, Sunak had laid out plans in April 2022 to turn the UK into a “global hub for crypto asset technology and investment.”

Now in the driver’s seat, he seems to be making his stated intention come true. Earlier this week, the Treasury released a report on crypto regulations and is currently soliciting consultations with industry participants.