A review of eight important data criteria revealed that London has the greatest crypto preparedness to attract firms and startups.
In addition to pro-crypto policies, the widespread acceptance of cryptocurrencies necessitates a supporting infrastructure that enables public access to and exposure to the ecosystem. London is the most crypto-ready city in the world for companies and startups, based on an analysis of eight key variables including taxation, ATMs, employment, and events in the crypto space.
The recap study indicates that the ambition of United Kingdom Prime Minister Rishi Sunak to “guarantee the U.K. financial services business is constantly at the forefront of technology and innovation” is on the correct track. A review of eight major data criteria revealed that London has the greatest crypto-readiness to attract firms and startups.
As indicated in the table above, prominent metropolitan centres such as Dubai and New York reached the list’s top three. Hong Kong, which was projected to be the most crypto-ready nation in 2022, plummeted to eighth place according to the report.
The above list identifies the top 50 largest cities having a cryptocurrency-friendly infrastructure. The overall number of crypto-specific events, the number of crypto-related occupations, the number of crypto-specific enterprises, and the number of crypto ATMs are among the important parameters addressed in the research. Non-crypto factors include quality of life, research and development investment as a proportion of the gross domestic GDP and the rate of capital gains tax.
The largest number of crypto-related occupations are located in London, indicating more public interest in the cryptocurrency ecosystem. Nevertheless, other cities surpass London in some parameters, bolstering the argument for the worldwide acceptance of cryptocurrencies.
In an effort to maintain leadership, the Bank of England and His Majesty’s Treasury have emphasised the necessity to create a central bank digital currency by 2030.
According to sources previously cited by Cointelegraph, the “digital pound” plan is expected to be released by mid-February. Reportedly, cash and coin payments in the United Kingdom decreased by 35% in 2020, suggesting a shift toward cashless transactions.
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