Five cities from Southeast Asia are among the top 50 “crypto-ready” hubs in the world with London topping the list, according to a research by a UK-based crypto taxation start-up.
Expert researchers at Recap examined eight key data points determining crypto-readiness of the most populated cities around the world, including quality of life score; crypto-specific events; people working in crypto-related jobs; crypto companies; research and development spent as a percentage of GDP; number of crypto ATMs; capital gains tax rate; and ownership of crypto in each country.
Singapore ranked fourth in the Recap list followed by Bangkok in Thailand, which placed 10th. Kuala Lumpur in Malaysia was 20th in the list. Indonesia has four cities in the list: Surabaya (37th), Jakarta (39th), Bandung (43rd), and Bekasi (47th).
According to Recap, global use of crypto has skyrocketed in recent years, by almost 400 percent between 2020 and 2022, only to accelerate further in 2023.
“The benefits offered by crypto, such as low ownership cost, anonymity and safe and fast transactions, are all factors influencing the rise of the digital asset in global markets,” Recap’s Dan Howitt said in his report.
“This increase in crypto usage has caught the attention of cities worldwide and many have seen the opportunities for investment and innovation potential – fueling the race to be seen as crypto-friendly jurisdictions,” he said.
As the industry becomes more regulated, especially in terms of crypto taxation, some countries offer more favorable systems than others – from on capital gains in some jurisdictions to up to 45 percent in others, the report stated.
London ranked No. 1 followed by Dubai, and New York at third place. The rest of the top 10 are Los Angeles (5th); Zug, Switzerland (6th); Hong Kong (7th); Paris (8th); and Vancouver (9th).
