According to a recent study by Recap, a crypto tax software and portfolio tracking company, London is the top bitcoin hub worldwide as a result of its outstanding financial structure, while Dubai is a close second.
To be put in a competition with some of the most exciting metropolises makes coming to the top worthwhile. In the list of 20 cities, Dubai managed to outrun New York, Singapore, Los Angeles, Zug, Hong Kong, Paris, Vancouver, Bangkok, Lisbon, and a few more.
Thanks to Dubai’s forward-thinking attitude towards blockchain and cryptocurrency, the city has implemented a variety of regulations to allow cryptocurrency exchanges to operate within its boundaries.
This has enabled it to become the leading hub for cryptocurrency in the Middle East, offering a multitude of related opportunities such as informative seminars, conferences, and even Crypto online casinos. It is no surprise that a city known for its advanced technology, rapid growth, and cutting-edge infrastructure has become a major leader in the cryptocurrency industry.
What Makes Dubai a Crypto-Ready City?
The Recap team chose 200 cities across the globe and conducted an in-depth study of their cryptocurrency policies and other determining details. To ascertain whether the world’s most populous cities are crypto-prepared, the Recap study took into account eight critical factors. They include:
- Quality of life index
- Cryptocurrency-specific events
- People involved in the industry
- Businesses using cryptocurrencies
- Number of virtual currency
- Bank machines
- Tax rate
- Ownership in each region
Dubai has a very high index of quality of life and has adopted a zero per cent tax on cryptocurrencies which was one of the key factors that placed it as the second most crypto-ready city in the world. But there are other aspects that will continue to develop the city’s cryptocurrency infrastructure.
Dubai’s Vibrant Cryptocurrency Market
The general tech-savvy population, the thriving start-up scene, and the government’s progressive stance are some of the reasons why Dubai reached such a high score. With numerous regulatory initiatives aimed at cryptocurrency promotion and influencing the usage of blockchain technology in different sectors, Dubai has made significant progress.
The EmCash system has also been on the go for several years, thanks to the city’s economy department collaboration with the U.K.-based Object Tech Group, Ltd. and one of its subsidiaries, Emcredit Limited. The alliance brought under the aegis of the Dubai Economy Accelerators led to the creation of this brand-new “encrypted digital currency.”, significantly enhancing the bitcoin ecosystem.
Amongst the development of emCash currency and wallets in recent years, Dubai also founded the Virtual Assets Regulatory Authority (Vara). This body is in charge of issuing permits while trying to regulate the sector on Dubai’s mainland and in the other free zone territories.
What adds even more to this tech-savvy attitude toward a crypto lifestyle is the enthusiasm for bitcoin of Dubai’s population. According to a recent YouGov questionnaire, two-thirds of UAE adults were found to be interested in cryptocurrencies. This new devotion to crypto-culture is vividly seen nowadays due to a vast range of possibilities for Dubai residents. Namely, 772 crypto-based companies are at your disposal if you are among the bitcoin optimists who are looking for a new job in this field. Additionally, many significant cryptocurrency businesses have already established their presence in this region, such as crypto.com, Bybit, Binance, and Deribit, while others intend to do so in the near future.
This crypto-culture in Dubai is also seen in numerous other cryptocurrency events and conferences, from rooftop parties to seminars and courses held by local and/or visiting professional teams. Some of them are more casually organized in private social interactions, while others are simply networking meetups. For instance, the EcoX blockchain networking is one of the most popular events in Dubai, taking place at the Conrad Hotel in a speakeasy-style lounge.
Final Thoughts
In just a few decades, a small fishing town has miraculously transformed itself into one of the richest cities in the world. And if that wasn’t enough, Dubai has now been ranked by Recap, as the second most crypto-ready city, as a result of its forward-thinking approach to technology and innovation.
But Dubai’s rapid development has no sign of stopping. Thanks to its developing blockchain ecosystem and welcoming regulatory environment, the integration of EmCash currency and wallets, and the fast growth of crypto-based companies, Dubai entered into the major leagues worldwide.
The government keeps devoting an endless proportion of its time to investing in smart city projects and bitcoin initiatives with the aim of making Dubai “the happiest city on Earth”. Once the highest score is reached, Dubai will finally become the leading crypto-ready metropolis in the world.
Adedapo Adesanya 
Modupe Gbadeyanka
Maybe Dubai is a crypto-prepared city, but the fact that he banned privacy coins is not very good. The main goal of anonymous cryptocurrencies is to ensure the confidentiality of financial transactions. Therefore, it is worth thinking about investing in cryptocurrencies that have excellent community support and their own ecosystems. Like the privacy coin Сrypton from the UtopiaP2P ecosystem.