Online Newspaper for Students at School of Journalism

Dubai emerges as World’s second crypto-ready city

Recently, crypto currency trade has boomed around the world. It increased 400% between 2020 and 2022 and still goes on the trend in 2023.

According to Recap’s Study that cited out 50 cities on which the research findings were based: New York city, Singapore, Los Angeles, Zug, Hong Kong, Paris, London and other developed cities that are most preferred destinations where Dubai came on second position behind London on world rankings.

Dubai is also the leading city in the Gulf region with Riyadh at the position of 22.

Among the aspects based on for rankings by Recap’s study included the eight factors; crypto companies, Crypto-related job opportunities, number of crypto ATMs, crypto-specific events, capital gains tax rate, quality of life score, R&D spending as percentage of GDP and crypto ownership in each country.

And this led to the follow up where Dubai was ranked as second in the world, behind London, as the leading crypto currency city.

Despite that, Dubai’s highest rankings comes as a factor of favorable legislation and a continued government aid in crypto and block chain technology.Cities across the globe have recognized the need for and increased crypto usage and have decided to join the race.

Dubai’s excellent performance in many parameters of the study has assured a bright future in the crypto-dominated era.

Share this article