Dubai ranked second in the world for cryptocurrency readiness
Many major cryptocurrency companies have already made the emirate their home, and others, including crypto.com, Bybit, Binance and Deribit, are planning to move to the city.
Dubai ranked first in the region and second in the world as a cryptocurrency hub.
In a study published by Recap, London was named the top cryptocurrency center in the world due to its strong financial infrastructure and thriving startup ecosystem.
New York, Singapore, Los Angeles, Zug, Hong Kong, Paris, Vancouver, Bangkok, Chicago, Berlin, Sapporo, Lagos, Lisbon, Kuwait City, Tehran, Sydney, Osaka and Kuala Lumpur were also listed as top 20 cities. While Riyadh and Jeddah ranked 22nd and 25th, respectively, according to Recap.
The study looks at eight key points to determine the crypto-readiness of the world’s most populous cities. These include quality of life scores, crypto-specific activities, people working in cryptocurrency jobs, cryptocurrency companies, R&D spending as a percentage of GDP, number of crypto ATMs, capital gains tax rate and cryptocurrency ownership in each country.
The Virtual Asset Regulatory Authority (Vara) was established in Dubai, which is responsible for licensing and regulating this sector on the Dubai mainland and in free zones (excluding DIFC).
Many major cryptocurrency companies 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 by YouGov showed that two-thirds of adults in the UAE are interested in cryptocurrencies. Moreover, there are 772 cryptocurrency companies in Dubai from which residents can choose when it comes to a career in this sector.