The most famous city Dubai named the world’s second-largest crypto hub globally and it states according to research. The city become ranked second in the crypto willingness index made by a recap. A tax software Company in the London holding the top spot in crypto.
The index depends on the eight factors which include the number of crypto Companies and workers, quality of life, research and development, and crypto events spending as the percentage of GDP in every city.
Dubai ranks 2nd position for Crypto Hub:
In Dubai, 772 companies are based on Crypto and also have a quality of life. There is a 0% tax policy in Dubai city and these all factors make the city the most desirable location for crypto users to invest their money.
According to the report, instead of all of these factors, Dubai is still behind London where 800 Companies are working for the crypto and they have the largest number of people working in the crypto industry. New York, Singapore, and Los Angeles have also shown their ability and potential in the crypto industry. They take the third, fourth, and fifth position respectively in the crypto industry.
Daniel Howitt on Dubai Crypto Hub
According to the CEO and Co-founder of the Recap Daniel Howitt, the assets of crypto are growing very fast in the last few years and they going to interlink with the financial markets in the world. This is a fact that most countries are now embracing and it is a positive sign. In addition, he said that Dubai is the second largest city of the crypto hub and in 2026 they are going to introduce their currency.
Howitt further said the research states that the world’s least developed countries are usually less prepared to become the crypto hub just like Dubai and other countries are.
The lack of their infrastructure, foreign investment, and skilled workforce in many areas explains the reason why they are lagging. Maybe this will cause a barrier to trade with the other developed countries which are the hub of crypto in the future. So, it is important for that countries that they are all allowed to increase their speed.
While Dubai excels in attracting crypto companies and jobs as their tax haven. When it comes to crypto events and research & development sped the city will fall behind. If there is more investments will be done in these areas then their position will increase in the crypto hub globally.
If we talk about the countries that are ranked below five in the crypto hub then Switzerland will rank in the 6th position. Hong Kong at seven, Paris at eight, Vancouver at nine, and Bangkok at 10th position in the crypto hub.
The most famous city Dubai has ranked as the second world largest city in the crypto hub globally. 772 companies are working as the crypto base in Dubai. Although, the Software Company in London is holding the top position as they have 800 Companies that are based on Crypto.