London Emerges As The World’s Most Crypto-Ready City For Business

In a recent study, London has emerged as the world’s most crypto-ready city for business. The examination focused on eight key data points, all pointing to England’s capital and largest city as the most enticing region for crypto-related businesses and startups.

Based on the study, mainstream cryptocurrency adoption requires the proper infrastructure to build upon, along with crypto-friendly regulations. These infrastructures will grant ecosystem access to the public. Accordingly, the research put the eight metrics as the basal infrastructure, including taxes, ATMs, jobs, and events in crypto, with all indicators putting London ahead of leading urban cities like Dubai, New York, Paris, and, most interestingly, Hong Kong, which ranked as the most crypto-ready country in 2022 but now takes seventh place.

The result aligns with U.K. Prime Minister Rishi Sunak’s vision to “ensure the United Kingdom financial services industry is always at the forefront of technology and innovation.” So far, the vision appears to be on track. Nevertheless, other cities beat London on some metrics, but this only goes to strengthen the case for the global adoption of cryptocurrencies.

With the intention to bolster London’s position as the world’s most crypto-ready city for business, the Bank of England and His Majesty’s Treasury underscored the need to launch a central bank digital currency (CBDC) by 2030. Given that the U.K. allegedly witnessed a 35% drop in cash and coin payments in 2020, the trend toward cashless transactions is apparent, with a recent report in the Daily Telegraph claiming that the “digital pound” roadmap will go live by mid-February.