- Dubai, UAE is number two worldwide in the Cryptocurrency world.
- Dubai introduced the Virtual Assets Regulatory Authority.
- Two-thirds of people in Dubai are engaged in digital currencies.
According to a report released by Recap, Dubai currently ranks first as a cryptocurrency center in the area and second worldwide. The study ranked London as the world’s leading gateway for virtual currencies, owing to its solid financial facilities and booming start-up environment.
Meanwhile, according to the study, London is the number-one crypto hub globally due to its financial infrastructure and growing startup culture.
New York, Singapore, Los Angeles, Zug, Hong Kong, Paris, Vancouver, Bangkok, Chicago, Berlin, Sapporo, Lagos, Lisbon, Kuwait City, Tehran, Sydney, Osaka, and Kuala Lumpur round out the top 20 cities. while Riyadh and Jeddah were ranked 22nd and 25th, respectively.
The study looks at eight key factors that influence the crypto-readiness of the world’s most populous cities. This contains a quality-of-life index, information on crypto-specific happenings, people that work in crypto-related professions, crypto businesses, the amount of R&D going to be spent as a percentage of GDP, the number of crypto ATMs, the capital gains tax rate, and cryptocurrency responsibility in each nation.
Dubai comes in second as it pushes to become the leading center 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
Dubai is ranked second as it strives to become the Middle East’s major center for cryptocurrency and blockchain technology, following a year of numerous new laws allowing cryptocurrency exchanges to function in the region.
Dubai established the Virtual Assets Regulatory Authority, which is in charge of governing the sector throughout Dubai’s landmass and free zone regions. Many crypto asset firms, including crypto.com, Bybit, Binance, Deribit, and others, have already relocated to the UAE.
Moreover, numerous cryptocurrency companies have already relocated to the emirate, while others, such as crypto.com, Bybit, Binance, and Deribit, are making plans to do so.
Two-thirds of adults in the UAE are engaged in virtual currency. Furthermore, when it comes to getting a career in the industry, Dubai citizens have 772 crypto-based businesses to choose from.
Dubai is an enticing area to reside for crypto investors, and it may be the second choice for some UK residents. The town also has an excellent quality of life, ranking seventh overall with a score of 175.84.
