We recently heard from the financial watchdog of Britain that we’ll be seeing some changes in crypto-related rules and regulations.
However, there is a time period of 4-5 months before such regulations get implemented.
Even after all the strictness seen by the FCA, London still shines the brightest. Research shows that out of 8 key data points, London stood the highest. Britain’s Prime Minister Rishi Sunak has a broad vision.
He believes he will ensure that UK’s financial services industry is always at the forefront of technology and innovation.
Leading metropolitan cities such as New York and Dubai made it to the top three in the list but London stood first.
Hong Kong was at the Top
Last year in 2022, Hong Kong had the top spot however this year, it fell to the seventh position according to the research shown by Recap.
As per Entrepreneur Blog MenaEntrepreneur, some key factors were included in this research. Some of them include the total number of crypto-specific events, crypto related jobs, crypto-specific companies and the number of crypto ATMs.
The non-crypto considerations in this research included capital gains tax rate and quality of living and lifestyle.
London currently is home to the healthiest crypto ecosystem with most number of people in general public showing interest in crypto.
Other metrics such as quality of living as stated in the charts show that some other countries outrun London in them.
Still while viewing things on a broader perspective, we can see London standing at the top.
This list was made only for the top 50 major cities who were ready for the mass adoption of crypto-currency regulation.
Looking at the rising trend of crypto-currency all over the world, the Central Bank of England highlighted that they might be launching a digital currency.
However, this currency would not be seen until 2030 or so. There’s almost 7 years remaining for that and who knows how much more changing will we see in the crypto world.
Currently Dubai has the second spot on the list for the most crypto-ready countries. It’s highly likely that Dubai might take over the first spot in 2024.
In 2019, the government of Dubai announced its goal to become the first blockchain-powered city by 2020.
In this context, the city has launched several initiatives aimed at promoting the use of crypto-currencies, such as the Dubai Coin and emCash.
Dubai’s Regulatory Framework
Additionally, the Dubai International Financial Centre has created a regulatory framework for the use of crypto-currencies in the city.
It is aimed at promoting innovation while ensuring that the financial system remains secure.
Moving back to London, it was already home to numerous crypto-currency exchanges, as well as blockchain startups and events.
The UK government has taken a balanced approach to crypto-currency regulation, recognizing the potential benefits of the technology.
The government has also been seeking to address the risks associated with it.
FCA has been working to establish a comprehensive regulatory framework for crypto-currency and other digital assets to promote innovation.
Overall, London's favorable environment for crypto-currency has helped establish it as a hub for innovation in the field.
The term “digital pound” has been seen recently. Sources claim that the digital pound will be introduced in mid-February or so.
It is also to be noted that the U.K. experienced a 35% drop in cash and coin payments in 2020.
This drop hinted at the increasing trend towards cashless transactions.
