Dubai ranked 2nd most crypto-ready city in the world

Dubai ranked 2nd most crypto-ready city in the world

Many major cryptocurrency firms have already made the emirate their home while others — including crypto.com, Bybit, Binance, and Deribit — are planning to move to the city

Published: Thu 2 Feb 2023, 1:56 PM

Dubai has been ranked first in the region and second globally as a cryptocurrency hub.

Released by Recap, the study placed London as the leading crypto hub in the world, thanks to its strong financial infrastructure and thriving start-up ecosystem.

The other cities on the top 20 list are New York, Singapore, Los Angeles, Zug, Hong Kong, Paris, Vancouver, Bangkok, Chicago, Berlin, Sapporo, Lagos, Lisbon, Kuwait City, Tehran, Sydney, Osaka, and Kuala Lumpur. While Riyadh and Jeddah were ranked 22nd and 25th by Recap, respectively.

The study examines eight key points to determine the crypto-readiness of the most populated cities around the world. This includes quality-of-life score, crypto-specific events, people working in crypto-related jobs, crypto companies, R&D spending as a percentage of GDP, number of crypto ATMs, capital gains tax rate, and ownership of crypto in each country.

“Dubai comes in second place as it pushes to become the leading centre for cryptocurrency and blockchain technology in the Middle East, following a year of multiple new laws for crypto exchanges to