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

Finance Dubai 04 Feb 23
Dubai ranked 2nd most crypto-ready city in the world
Many major cryptocurrency firms have already made Dubai as their home while others - including crypto.com, Bybit, Binance, and Deribit - are planning to move to the city
Event Location
Dubai, Dubai
Start Time
04 February 2023, 12:00 AM
End Time
31 March 2023, 12:00 AM

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

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

“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.

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 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.

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