- Dubai, the most populous city in the United Arab Emirates, has become the second-largest crypto hub globally.
- There are currently 772 cryptocurrency-based firms operating in the Emirates.
- London has risen to first place as the leading crypto hub in the world.
According to the news source, the city famous for gold is the second most crypto-ready city globally. Dubai is ranked only behind London in the rankings of global hubs for cryptocurrency investments and hosting businesses.
Several leading cryptocurrency firms have made the Emirates their home, while others, including Bybit, Crypto.com, and Deribit, are on their way to the city. There are 772 crypto-based companies in the Emirate, according to reports, and the city’s attractive business environment attracts foreign investors.
The report also says that two-thirds of adults in Dubai like cryptocurrencies. According to the research of a news source, “With 0% tax, Dubai is an appealing place to live for crypto investors – and maybe 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.”
Dubai comes in second as it pushes to become the leading hub for cryptocurrency and blockchain technology in the Middle East, following a year of several new laws governing the operation of crypto exchanges in the city.
According to Recap Chief Executive Officer and Co-Founder Daniel Howitt, the United Arab Emirates has spent a lot of time putting itself as a crypto hub, pretending to attract entrepreneurs and startups to set up shop. This could be the beginning for Dubai – it would be interesting to see how crypto progresses over the next year and whether or not Dubai can step up in the first place.
Recently, on February 07, 2023, Dubai released new regulations on cryptocurrencies. According to the report, Dubai Virtual Assets Regulatory Authority has banned some anonymous cryptocurrencies, such as Monero (XMR) and Zcash (ZEC).
According to the news source, in 2022, Dubai Multi Commodities (DMCC) first registered 3049 digital assets, which became a record; later, the total number increased to 22,000.
Check out the world’s most crypto-ready hubs below:
New York City
With a well-built financial architecture and a flourishing startup ecosystem, London has risen to first place as the leading crypto hub in the world. 2,173 people are working in crypto-based jobs in the city alone, which is the highest number of people working in this industry compared to anywhere else. With over 800 crypto-based companies in Big Smoke, there are many options for those looking to get into the crypto world.
Meanwhile, compared to all those mentioned earlier cities, London hosted the second largest number of crypto-related events and conferences all over the year, helping to engage and keep crypto firms.