Dubai has been ranked as the second most crypto-ready city in the world, with major cryptocurrency firms already calling the emirate home. The ranking was based on several factors, including the number of cryptocurrency ATMs, the number of merchants that accept cryptocurrency, and the level of public awareness and adoption of digital currencies.
Several major cryptocurrency firms have already established themselves in Dubai, including BitOasis, a local cryptocurrency exchange, and Bitex UAE, a bitcoin payment platform. In addition, a number of international firms, such as Kraken and Bitstamp, have also set up operations in the city.
Moreover, a number of other major players in the cryptocurrency industry are planning to move to Dubai in the near future. These include Crypto.com, Bybit, Binance, and Deribit. These firms see Dubai as a hub for the cryptocurrency industry, offering favorable business conditions and a welcoming regulatory environment.
“Dubai comes in second place as it pushes to become the leading centre for cryptocurrency and blockchain technology in the Middle East, following a year of multiple new laws for crypto exchanges to operate in the city,” research claims.
“With zero per cent tax, Dubai is an appealing place to live for crypto investors – and may be the second choice for some UK residents… The city also has a high quality of life with a score of 175.84 – the seventh highest overall, research said.
The growth of the cryptocurrency industry in Dubai is being driven by a number of factors. One of the key drivers is the growing interest in digital currencies among the public. Dubai is home to a large and growing community of tech-savvy individuals, many of whom are early adopters of new technologies, including digital currencies.
In addition, the city’s government has been actively promoting the use of blockchain and other related technologies in a number of areas, including finance, real estate, and transportation. This has created a supportive environment for cryptocurrency firms, which are seen as playing an important role in the development of these new technologies.
The growing presence of cryptocurrency firms in Dubai is likely to have a number of positive effects on the city’s economy. It is expected to create new job opportunities, attract investment, and contribute to the development of a more dynamic and innovative business environment. Moreover, it is likely to enhance the city’s reputation as a global hub for technology and innovation.
The other cities on the top 20 list are New York, Singapore, Los Angeles, Zug, Hong Kong, Paris, Vancouver, Bangkok, Chicago, Berlin, Sapporo, Lagos, Lisbon, Kuwait City, Tehran, Sydney, Osaka, and Kuala Lumpur. While Riyadh and Jeddah were ranked 22nd and 25th by Recap, respectively.
Dubai’s emergence as a major hub for the cryptocurrency industry is a reflection of the city’s commitment to innovation and its welcoming business environment. With a growing number of firms establishing themselves in the city, Dubai is well-positioned to play a leading role in the development of this exciting and dynamic industry.
