Recap Technologies Limited ranks London as the most crypto-friendly business and start-up hub after examining eight key indicators. Examining “crypto-readiness of the most populated cities around the world,” Recap is making the U.K. Prime Minister Rishi Sunak’s vision, a reality.
The eight key data points considered by Recap are as follows:
- Quality of life score
- Crypto-specific events
- People working in crypto-related jobs
- Crypto companies
- R&D spend as a percentage of GDP
- Number of crypto ATMs
- Capital gains tax rate
- Ownership of crypto in each country
Rishi Sunak’s vision is to “ensure the U.K. financial services industry is always at the forefront of technology and innovation.” The cryptocurrency-friendly U.K. is way closer now to realizing its premier’s vision. London has 2,173 people employed in cryptocurrency-related jobs. This makes it the highest number of people working in the cryptocurrency industry anywhere else.
After collating the data points, Recap attributed an index score to each of the 200 cities considering their crypto-readiness. While the cryptocurrency ATM’s score was taken from Coin ATM Radar, the quality of life score came from Numbeo.
Recap mentions in its blog that Miami, Florida, is leading the way in adopting stablecoins. Per Recap, Miami accepted $7 million worth of gift contributions from MiamiCoin—a digital coin by the non-profit, CityCoin. Miami’s mayor, Francis Suarez, is motivating its residents to go for Bitcoin payments, plus also paying their taxes and fees in digital currencies.
Hong Kong, per Recap, is also developing its cryptocurrency infrastructure. Eric Adams, Mayor, of New York, intends to make New York City the “center of the cryptocurrency industry,” states Recap.
Recap studied the top 50 cities which are ready to adopt cryptocurrency from an infrastructure perspective. The focus of the ranking was on assessing the required elements to enable cryptocurrencies’ mass adoption. But Recap also flags an interesting fact. It states the U.K. still has only 11% of people owning or using cryptocurrency, against 45% in Nigeria (ranked 14th in Recap’s ranking).
