The results from research released by a crypto tax firm known as Recap show that London is the most ‘crypto-ready’ city.
Markedly, the research considered eight areas including crypto-specific events, crypto-related jobs, crypto-specific companies, and the number of crypto ATMs amongst many others before arriving at the result. Beyond regulations, it is expected that a jurisdiction possesses some infrastructure to drive mainstream cryptocurrency adoption.
After intense consideration in correlation with certain factors, London is the world’s leading hub for digital assets thereby, it tends to attract businesses, especially startups. Interestingly, in the place of London, Hong Kong assumed this position as the most crypto-ready city in 2022. However, on a closer look at the list presented by Recap, the Asian nation has now fallen to seventh place.
Dubai and New York City made it to the top three with the Capital of Malaysia, Kuala Lumpur as the twentieth top crypto hub city.
UK Strive to Become Global Crypto Hub
The United Kingdom appears to have been striving to attain this position for a long time. At a certain time, Rishi Sunak a former investment banker now a UK Prime Minister said his vision is to “ensure the U.K. financial services industry is always at the forefront of technology and innovation.” Sunak assumed office around the time when discussions about the Financial Services and Markets Bill were initiated.
This Financial Services and Markets Bill is a UK document that can almost be compared to the European Union Markets in Crypto Assets (MiCA) regulatory framework. According to Andrew Griffith, a UK MP and economic secretary to the Treasury,
“The Treasury will consult on its approach with industry and stakeholders ahead of using the powers to ensure the framework reflects the unique benefits. However, the bill has yet to become law despite its new provisions.”
Similar to Sunak’s vision, Griffith announced during The City UK’s Annual dinner which was held a few days ago that “My ambition is for us to be the global financial hub – using our strengths to enhance strong relationships with jurisdictions all around the world, attracting investment and increasing opportunities for cross-border trade.”
It was in this same meeting that the UK MP mentioned that the FSMB bill will be launched before Easter.