The United Kingdom has recently entered the top spot for the world’s crypto hub for fintech firms and small and medium enterprises (SMEs). A recent survey analysed factors such as ATMs, taxes, job prospects, and platforms for developing the market, leading to the findings.
The Recap survey comes as Whitehall aims to push central bank digital currencies (CBDCs), evidencing London’s readiness to adopt a working cryptocurrency strategy.
In its list, London rose to first place for 2023, with Dubai, New York City, and Singapore taking second, third, and fourth place, respectively.
The list includes 50 global crypto capitals and analysed each location’s crypto-focused activities, including events and conferences, job prospects, number of crypto ATMs, firms, and others.
Additional factors included quality of life, capital gains tax rates, research and development (R&D), and others. London provided the largest number of crypto-focused employment in the world.
The news comes after His Majesty’s Treasury published a white paper on its proposed framework for crypto regulation. It includes multiple reference points such as stablecoins, initial coin offerings (ICOs), non-fungible tokens (NFTs), and others.
The nation has aimed to build itself as a major crypto hub, namely after Brexit, to boost its standing in emerging technologies. British Prime Minister Rishi Sunak proposed plans while serving as the former Chancellor to advance the UK’s crypto ambitions.
