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

Waheed Abbas

Published: Thu 2 Feb 2023, 1:56 PM

Last updated: Fri 3 Feb 2023, 2:28 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.

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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 operate in the city,” Recap said.

Dubai set up Virtual Assets Regulatory Authority (Vara) which is responsible for licensing and regulating the sector across Dubai’s mainland and the free zone territories (excluding DIFC).

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

Interestingly, a recent survey released by YouGov survey found that two-thirds of UAE adults are interested in cryptocurrency. Moreover, Dubai has 772 crypto-based companies for residents to choose from when it comes to finding a career in the sector.

“With zero per cent tax, Dubai is an appealing place to live for crypto investors – and may be the second choice for some UK residents... The city also has a high quality of life with a score of 175.84 – the seventh highest overall,” Recap research said.

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