Location matters. Although Bitcoin and other cryptos are more decentralized than government-backed fiat currencies, many entrepreneurial traders decide to move away from home to maximise their opportunities. Today a number of cities have flourished into crypto ecosystems with friendly and forward-looking regulations, networking and job opportunities, crypto conferences, infrastructural facilities, and the superior quality of life people can afford there.
With a gazillion opportunities, these cities are a treasure island for any regular crypto investor. It is for the same reason we see a host of crypto companies and influencers shifting their base to Dubai, Singapore, and likewise. Well, Well crypto lovers, here we have the top 8 cities from around the globe that are the hottest crypto hubs on the global scene right now.
Let’s not keep you waiting any longer and delve into the fun right away!
London
Source | Crypto Slate
London is famous for many reasons. Be it Big Ben or Buckingham Palace – it has been a global attraction for decades. But did you know the UK capital is all set to be the crypto capital of the world? There are 230 cryptocurrency ATMs in the United Kingdom as of 2021. And interestingly, there are 141 such ATMs in London alone. The British government has always shown a keen interest in being the next-generation crypto hub. And London, no doubt, has a good chance of becoming the global epicenter of cryptocurrency activity.
The UK capital is becoming more appealing to crypto investors, as it is home to the most number of crypto businesses in the world. For instance, Blockchain.com, the original Bitcoin wallet provider, is based in the city. The UK government has also announced plans to create a ‘financial market infrastructure sandbox to increase crypto investments.’ Furthermore, London’s active crypto community hosts international crypto meet-ups such as the London Crypto Week and TOKEN2049. London is bracing to be the crypto capital of the world.
Singapore
Singapore – Ah! Who doesn’t want to go and reside there? The city affording the best quality of life to its residents in Asia is also the second safest city globally and the number one abode in Asia for expats. The vibrance of the city – its food, sports action, nightlife, and creative arts – is breathtaking. With its open and forward-looking aura, it mustn’t come as a surprise to you that Singapore has a higher rate of cryptocurrency ownership than the global average.
Singapore has a 20% crypto ownership rate compared to the global average of 15%. Furthermore, as of 2021, two out of every three young people in the city-state use cryptocurrencies.
We can definitely say it might be true, “Nobody in Singapore drinks Singapore Slings,” but the time is coming soon when everybody in Singapore will use cryptocurrencies. But what led to such growth of the Singaporean crypto community? The answer is crystal clear – the Singapore government’s clear stance on cryptocurrencies has aided the country’s growing adoption of digital assets.
Source | The Edge Singapore
The government has repeatedly taken active steps to protect the country’s crypto community. For example, as soon as the crypto market began to crash in January 2022, the Monetary Authority of Singapore (MAS) enacted consumer protection laws for investors. Further, digital payment tokens are exempted from the goods and services tax in Singapore. Even the capital gains derived from the sale of cryptocurrencies are not taxable. In 2021, Singapore was ranked the most crypto-friendly city for its ‘robust economy, positive legislative environment, and high rate of cryptocurrency adoption.’ So, while you enjoy the food-crazy culture of Singapore, you can pay for your plate in crypto!
Miami
Miami is known as the ‘party city.’ For most, this beach town is just a go-fast city. But to the global crypto community, this Florida town is beyond Little Havana. When Blockchain.com relocated its headquarters from New York to Miami, the crypto community anticipated that Miami would become the world’s crypto capital. Miami Mayor Francis X. Suarez has long been vocal about ‘refashioning’ the city’s ‘fun in the sun’ image. Thanks to him, Miami now has its own cryptocurrency. Miami Coin was created to generate income for local projects. Miami is home to industry leaders such as Yuga Labs and FTX. And how can it happen that Yuga Labs’ hometown stays behind in the NFT sphere?
Source | Stagwell Global
The Miami government recently announced the issuance of 5,000 Ethereum NFTs in late 2022. The city also has over 650 Bitcoin ATMs and tellers. Miami has further reduced its real estate taxes, attracting more people from around the world to its crypto community. The city received $5.25 million in cryptocurrency from its mining efforts as part of the CityCoins project in February of this year. Furthermore, the newly built Elser Hotel & Residences allows international buyers to use cryptocurrencies to purchase a condo in its residential tower. This will lead the global crypto community to diversify its portfolio without much hassle.
Dubai
The tax haven and one of the liveliest tourist spots in the world – Dubai is known for its skyscrapers, luxury hotels, and designer shops. With its eye-popping views and state-of-the-art infrastructure, Dubai is not only one of the most stable economies, but it is also one of the safest in the world. Buzzing with all kinds of commercial activity, the city is also ramping up to become the crypto city of the world for the efforts the UAE government has taken to regulate cryptos and foster development goals via them.
When the rest of the world was struggling to overcome the pandemic, Dubai was hosting large-scale crypto events with great success. Among these events were the Crypto Expo Dubai and the AIBC UAE. So for the global crypto community, it is actually ‘Time to say Dubai,’ as the Dubai Tourism slogan says and why not for the crypto community?
Source | Demo Cryptos
If you are worried about the safety of your Digital assets, Dubai Virtual Asset Regulation has been implemented by the city authorities to keep you worry-free. Despite Singapore’s crypto-friendly image, crypto exchanges like Bybit are already relocating to Dubai from Singapore. Furthermore, more industry leaders are making their way to the Gulf.
The icing on the cake is the Dubai World Trade Center’s transformation into a cryptocurrency zone. The DWTC enables crypto companies to sell their goods and services to the global community. Dubai even thinks of the crypto community’s stress over the taxation of crypto. And that’s why it has established numerous ‘Free Zones,’ such as DMCC. In these zones, blockchain companies pay no taxes and can easily sponsor residence visas for owners, employees, and their families. As UAE became the 3rd biggest crypto market in the Middle East, Dubai shows high potential to be the world’s crypto capital with its vibrant offerings to the global crypto community.
El Zonte
When we think of crypto-friendly countries, the first name to pop up in most people’s minds is – El Salvador. We know this Central American country was the first to use Bitcoin as a legal tender. But do you know where it all started? How did El Salvador become the first nation to proclaim, “It’s game over for dollar?”
Source | BBC
You will be surprised to know it all started in the small beach city of El Zonte. Yes, you read it right. El Zonte is not only a paradise for surfers but also for the crypto community. As soon as you step onto this beach town, you will understand why it is nicknamed ‘Bitcoin Beach.’ From the Bitcoin logo on its welcome sign to cafes offering 75% discount for Bitcoin payments – El Zonte is the haven for crypto enthusiasts.
It all started when a surfer from California named Mike Peterson received an anonymous $100,000 Bitcoin donation for the residents of the town. Since then, El Zonte’s economy has thrived on cryptocurrencies. The majority of transactions in El Zonte are conducted in digital currencies. With the majority of the population unbanked, crypto is the means of connecting the small beach town to the global community. El Zonte is the world’s first fully-fledged crypto economy, where you can earn, spend, and donate cryptocurrencies.
New York
New York is indeed a city that never sleeps. Home to Wall Street, this city has been a global financial hub for decades. But the time has changed. Today’s digitized world runs on cryptocurrencies. And believing what the Wolf of Wall Street once said, “The easiest way to make money is, create something of such value that everybody wants,” – NYC quickly adapted to the digital economy.
Last year, New York Mayor Eric Adams declared the city to be the ‘center of the cryptocurrency industry.’ When the world wanted crypto, NYC decided to become the capital of the crypto world. From CoinDesk, Gemini to Decrypt, and CoinTelegraph – New York-based crypto startups and media companies have come together to make NYC the Crypto hub of the world.
Source | CBS News
Consensus, one of the largest annual events in the crypto industry, is also held in the city. And how can we forget to mention NFT.NYC here? The largest and leading global NFT conference that hosts thousands of attendees, hundreds of speakers and the best of the projects from the NFT space.
Cryptocurrency executives believe that the mayor’s pro-crypto stance will entice new digital asset startups. The deep talent pool and investor base in New York City will benefit both crypto startups and traditional Wall Street firms. Giving direct competition to Miami, NYC also has its own coin, the NYCCoin. Eric Adams also announced plans to include cryptocurrencies in the school curriculum in order to increase crypto adoption in the city. Recently Solana opened its physical space in NYC. With its well-established crypto community, New York is pushing hard to become the crypto capital of the world.
Amsterdam
The Netherlands is well-known for its financial freedom. The capital city Amsterdam is known to be one of the most progressive cities in Europe. As Stefon Harris rightly said, “The city is vibrant and alive.” So it came as no surprise when the Dutch capital quickly embraced the new-age currencies – cryptocurrencies. As a crypto enthusiast, you will surely be attracted to the Bitcoin Embassy, located in the heart of the city. This organization brings the global crypto community together and launches various initiatives to promote and popularise Bitcoin. The city has attracted huge crypto investments for its positive stance on cryptocurrency.
Source | Bitcoin Magazine
You don’t even have to ask Siri again and again to find merchants that accept crypto. Just head to Bitcoin Boulevard. It is a street where the majority of shops, vendors, and merchants accept Bitcoin. Almost 100 merchants accept cryptocurrency payments, and there are numerous crypto ATMs located throughout the city. So we can say the Dutch have found their new love in crypto beyond bicycles!
Zug
When someone mentions Switzerland to you, what do you imagine? Picturesque valleys, skiing through the Alps, and not forget the Swiss watches. But why is it in our list of top crypto cities? The question was answered when the Ethereum Foundation chose Zug, a Swiss city, as its home. This Swiss city is popularly known as the ‘crypto valley’ of Switzerland. Even Ethereum rivals like Tezos, Dfinity, Bancor, and Cardano have chosen Zug to operate from. But why? What is so attractive in this valley town to attract such crypto leaders?
Source | Coin Desk
Switzerland is long known for its financial freedom. And Zug is no different. Zug is a low-tax Swiss area. Due to this, the city attracts huge investments from around the world. A significant portion of the investments come from FinTech companies with crypto interests. The city also accepts cryptocurrencies for tax payments and other government services. Around half of Swiss crypto startups are based in Zug.
So this is our list of the top 8 crypto cities to live in, and mind you! This list is not exhaustive. Cities like Madrid, Toronto, San Francisco, etc., are known names embracing the crypto sector. While we settle for the web3 era of the internet bringing in financial freedom and user sovereignty, times are not far when the world infrastructure opts to revamp itself for cryptocurrencies. And who knows, then the next time you visit your next-door coffee shop, you might be opting to pay in Bitcoin!