- A study by Recap placed Dubai as the second most crypto-ready city globally.
- The report had London in the first position due to its thriving startup landscape and financial systems.
- Major crypto companies and exchanges have already established themselves in UAE.
A report released by Recap, a crypto tax software, and portfolio tracking company, ranked Dubai as the second most crypto-ready city in the world on account of its zero percent crypto tax and high quality of life. The study ranked London as the number-one crypto hub globally due to its financial infrastructure and growing startup culture.
New York, Singapore, Los Angeles, Zug, Hong Kong, Paris, Vancouver, Bangkok, Chicago, Berlin, Sapporo, Lagos, Lisbon, Kuwait City, Tehran, Sydney, Osaka, and Kuala Lumpur are the other cities on the top 20 list. Recap placed Jeddah and Riyadh 22nd and 25th, respectively.
To ascertain if the world’s most populous cities are crypto-ready, the study looks at eight crucial factors. This comprises the quality of life score, cryptocurrency-specific events, individuals working in cryptocurrency-related fields, cryptocurrency businesses, R&D spending as a proportion of GDP, the number of cryptocurrency ATMs, the capital gains tax rate, and cryptocurrency ownership in each nation.
The Recap team stated that,
Dubai comes in second as it pushes to become the leading center for cryptocurrency and blockchain technology in the Middle East, following a year of multiple new laws for crypto exchanges to operate in the city.
Dubai established the Virtual Assets Regulatory Authority (Vara), with the aim to license and oversee the industry across Dubai’s mainland and free zone regions, with the exception of DIFC.
Meanwhile, numerous significant cryptocurrency companies, like crypto.com, Bybit, Binance, Deribit, and others, have already established themselves in the emirate, and more intend to do so.
A recent YouGov survey noted that two-thirds of UAE residents are interested in cryptocurrencies. Additionally, citizens in Dubai have a choice of 772 crypto-based businesses when looking for careers in the field.
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