Across the globe, cities in far-flung locations are adapting to cryptos in one way or another. The use of cryptocurrency is transforming the finance industry to a point where people use crypto to pay for daily utilities.
On the other hand, investing in crypto has also become a source of good income for traders who prefer to put more money into cryptocurrencies than stocks. Cryptocurrency is increasingly being considered for serious investment portfolios, along with conventional investment tools.
That said, some parts of the world have adapted to the use of crypto more willingly than others. Read the article to find out the top countries that have adapted to crypto trends.
10. London, UK
London is not only a global hub for business, technology, arts, and culture, but it has also adapted to crypto faster than anticipated. As of today, there are more than 50 Bitcoin ATMs in London and about the same number of vendors that accept crypto as a mode of payment. The city is home to CoinCorner, which claims to be the oldest Bitcoin exchange in the UK. The number of Bitcoin and cryptocurrency meetup groups in the city is another indicator of how interested and accepting the residents of London are towards cryptocurrencies.
The UK government has also proposed new stablecoin rules, a Royal Mint NFT, and several other steps to court digital asset investors as part of its aspirations to establish the country as a “global hub” for the cryptocurrency business.
9. Dubai, UAE
With the emerging use of blockchain technology, Dubai has been evolving as a hub for crypto use. A study by the Telecommunications and Digital Government Regulatory Authority (TDRA) stated that around 11.4% of UAE residents have invested in crypto. On the other hand, Dubai’s Virtual Assets Regulatory Authority (VARA) is responsible for licensing and regulating virtual asset providers in the emirate and its free zone territories. Additionally, local officials gave Crypto.com a provisional license and approved the establishment of FTX’s regional offices. The move will allow Crypto.com to offer a full suite of crypto exchange products and services. It is noteworthy that the UAE was the first country in the world to establish a specialized regulator for the virtual asset industry.
8. Cheyenne, USA
The Republican-led legislature in Cheyenne has been working with private companies to craft the most friendly blockchain tech and cryptocurrency laws in the country. It is noted that Wyoming’s crypto-friendly legislation offers greater investor security, more consumer protection, and simpler ways to buy digital assets. These rules improve the legal position of crypto enterprises and are likely to reduce operational risk and ambiguity.
It is interesting to note that commercial entities, like crypto exchange Kraken, can own a Special Purpose Depository Institution (SPDI) without being subject to parent company supervision, which violates the policy of separating banking and commerce sectors. Additionally, granting master accounts to Wyoming SPDIs will allow cryptocurrencies to enter the banking system and expose interbank payment systems to the many operational hazards that come with cryptocurrencies. Notably, the Wyoming Division of Banking is the only government agency in charge of monitoring SPDIs.
7. Singapore
Soon after China banned cryptos, many businesses relocated to Singapore due to its crypto-friendly regulations and industry growth opportunities. As China has cracked down on crypto activities and Hong Kong has been absorbed into the mainland’s orbit, Singapore has grown in prominence in the cryptocurrency world. Two of the biggest exchanges in the world, Coinbase and Binance, applied for licenses from the Monetary Authority of Singapore to operate there.
The city-state already has a thriving crypto sector within it. Singapore houses the corporate offices of market data company Nansen, exchange Crypto.com, and DeFi protocol Kyber Network.
6. Berlin, Germany
Berlin has been ahead of its time in terms of crypto adaptation. The federal government has taken an important step in developing this ecosystem. In order to reinforce its commitment to using the technology, the German government approved a national blockchain policy back in September 2019. By the end of 2021, a total of 10 federal ministries are expected to have implemented the 44 separate initiatives that are contained within the policy.
Interestingly, the markets in Berlin’s Kreuzberg neighborhood first gained notoriety in 2013 for adopting Bitcoin, and at one point having the greatest density of cryptocurrency companies per square meter anywhere in the world.
5. Lisbon, Portugal
Lisbon has been ranked as one of the most crypto-friendly countries in the world. Lisbon, which is embracing the worldwide NFT movement, sponsored Europe’s first crypto art festival, Rare Effect, in May 2021. Lisbon also hosted an Ethereum conference in October 2021. The rise of cryptocurrency businesses in the nation over the past several years has altered Portuguese perceptions of this sector. For instance, in October 2021, Criptoloja became the first cryptocurrency exchange in Portugal to receive a license from the country’s central bank. Individuals can now use Euros to buy over 90 different cryptocurrencies through Criptoloja.
4. Zug, Switzerland
Zug is considered to be Switzerland’s crypto valley. One of Switzerland’s benefits is its adaptable political system and flexible legislation, which allow for new and creative ventures. This characteristic attracts international businesses looking for investment opportunities in the state. Additionally, through establishing research institutions with the goal of assisting groundbreaking experiences, particularly in the crypto space, the government supports state-level inventive endeavors. It also helps that Switzerland is home to renowned research institutions that offer funding and assistance for start-up initiatives in digital currencies.
3. Toronto, Canada
Canada can be considered one of the leading countries in the crypto industry. Interesting to note that Vitalik Buterin, the creator of Ethereum is also Canadian. The fundamental factor is that large mining capacities are concentrated in Canada because hydroelectric power plants produce inexpensive electricity. Canada is also home to NOWPayments, a platform that helps companies set up crypto-payment gateways. The platform is compatible with e-commerce ventures based on platforms like WooCommerce and Shopify, which reveal a positive attitude towards crypto.
2. Madrid, Spain
It is estimated that 6.8% of Spain’s adult population has invested part of its wealth in cryptocurrencies. The Spanish economy is highly developed and relies on industries such as renewable energy, IT, manufacturing, textiles, tourism, agriculture, and many more. There are no Bitcoin-related laws in Spain. Spanish law considers Bitcoin transactions as bartering and subject to its restrictions.
Spain is also home to “Elio” digital currency to help with transactions. The City Council of Lebrija has also made a digital wallet for digital currency.
1. Ljubljana, Slovenia
Ljubljana emerges as the global leader in cryptocurrency acceptance and innovation. The city boasts 11 Bitcoin ATMs and more than 200 merchants that accept Bitcoin despite having a population of fewer than 300,000. The city includes 33 sports venues and 72 shops that accept cryptocurrency payments. One of the biggest grocery store chains in Slovenia, Tus, supports cryptocurrency payments in particular.
Interestingly, Ljubljana’s largest shopping center is called ‘BTC.’ The mall is evolving into a ‘Bitcoin City’ and is fast developing into a fascinating case study for global adoption.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
