New York leads, Tokyo worst

New York has emerged as the most crypto-ready city in the world, while Tokyo ranked the least ready among the top 50, according to a 2024 study by Coinwire, which scrutinized and ranked cities based on seven metrics, presenting a comprehensive view of their readiness for the cryptocurrency revolution.

Despite Japan’s recognition of Bitcoin as a legal tender, the cautious attitude taken by its regulatory bodies has hurt Tokyo’s crypto readiness.

Here are the world’s top ten most-crypto ready cities

The study assessed crypto ownership, looked at the number of crypto sector jobs, and evaluated the frequency of crypto events. Additionally, it measured the presence of crypto-related companies, assessed the legal environment for cryptocurrency, determined business acceptance of crypto, and counted cryptocurrency ATMs. The cities were ranked by their index scores to figure out the most crypto-ready city.

“New York’s dominance with a score of 85.85/100 was not born out of luck, but rather it’s standing as a premier financial centre that has spread its influence to the world of cryptocurrencies. Wall Street, long known for its strength in traditional finance, is now also a hub for crypto trading and development. Furthermore, the NYDFS has been essential in promoting a regulated yet thriving environment for crypto businesses through the BitLicense regulations,” noted the report. 

 London took the second spot with a score of 84.15/100. The city has a supportive regulatory framework that, when combined with its tech scene. The UK’s Financial Conduct Authority (FCA) has assisted in developing a secure atmosphere for crypto investments by supplying clarity and support.

With a score of 71.44/100, Singapore stood out as the leader in Asia. “Its well-thought-out strategy, which is a combination of rules and regulations to protect and encourage innovation, has made it a popular place for crypto companies. The Monetary Authority of Singapore (MAS) has been actively creating regulations to help crypto businesses while still allowing innovation to thrive,” said the report.

Los Angeles achieved a perfect score of 100 in terms of employment in the cryptocurrency industry. The city has become very attractive for both new startups and more established businesses, providing a variety of employment options in the crypto world. Despite the hurdles of regulation, Singapore managed to attain a score of 98.57/100 in the crypto job market, demonstrating its strength. This is evident in the city’s active trading community, as well as its competition with other financial hubs in Asia for crypto talent, resulting in a high employment score. Rome has moved up the ranks in Europe’s cryptocurrency job market, boasting a score of 96/100. The city’s encouraging regulatory climate and flourishing fintech industry have made it an attractive place for crypto-related professionals.

In the US, the level of crypto-readiness varies considerably among different cities. San Francisco and Chicago, which have vibrant tech-oriented societies and favorable legislation, are among the more crypto-friendly cities. In contrast, Manchester has the lowest score at 47.02/100, indicating the necessity for increased infrastructure and regulations to make it more hospitable for cryptocurrency.

First Published: Jan 31 2024 | 8:56 AM IST