UK Capital Ranked as Top Crypto Hub Globally

The capital city of the United Kingdom has been ranked as the top crypto hub in the world, according to a recent compiling.

Crypto service provider Recap recently compiled a list of the cities it considers most likely to be the most popular destinations for the crypto community. Based on eight data points, Recap determined London to be the best global location to fuel investments for crypto-related startups. 

While scoring favorably among the general economic criteria, such as quality of life and capital gains tax rate, London also had some of the top crypto-related figures. For instance, at 2,173 employees, it has the highest number of people working in the crypto industry anywhere. At 800, the number of its crypto-based companies is also among the highest in the world.

London also came in second when it came to hosting the most number of crypto events, drawing companies to the city. However, the study found that the U.K. ranked rather low in terms of crypto ownership overall, at just 11%.

Further Crypto Hub Rankings

The second and third place rankings come as no surprise, and already act as centers for their respective regions. Like silver-medalist Dubai, which the study emphasized has been working to become the leading blockchain spot in the Middle East. In addition to 0% tax, authorities recently introduced new legislation allowing crypto exchanges to operate. These policies have managed to attract 772 crypto-based companies to the city.

In third place, Recap ranked New York City, which had the highest number of crypto-based companies at 843. While already investing significantly in R&D, New York also has some 1,400 people working in the crypto space. The city also hosts crypto-centric events, such as the weekly CryptoMondays.

U.K. Crypto Plans Unveiled

The United Kingdom has already featured prominently in rankings of the top spot for crypto companies. Late last year, the country came in second as the most business-friendly country in the world for cryptocurrencies. Meanwhile, Singapore, which came in at the top spot, ranked at number four on Recap’s list.

Despite successive political and economic crises in the U.K. last year, faith was restored once Rishi Sunak became Prime Minister. As Chancellor of the Exchequer, Sunak had set out plans in April 2022 to make the U.K. a “global hub for crypto-asset technology and investment.”

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