As the crypto space continues to experience a major shift, various cities have been thrust into the limelight based on their prowess in this sector.
As a result, according to the most crypto-ready cities in 2024, New York takes the lion’s share based on an 85.85% score, according to a CoinWire study.
London, Los Angeles, Sydney, and Singapore close the top five list, with CoinWire acknowledging that this was based on seven key metrics, such as crypto ownership, business crypto acceptance, and the number of cryptocurrency ATMs.
Given that New York stands out as a leading financial centre that houses Wall Street, the city’s influence in the crypto world has been growing per the study.
CoinWire added, “The NYDFS has been essential in promoting a regulated yet thriving environment for crypto businesses through the BitLicense regulations.”
On the other hand, London ranked second in terms of crypto readiness thanks to the city’s supportive regulatory framework. For instance, the Financial Conduct Authority (FCA) in the United Kingdom has played an instrumental role in creating a secure and conducive environment for crypto.
Tokyo is at Rock Bottom
According to CoinWire, Tokyo emerged as the least crypto-ready city among the top 50 based on a 52.84% score in spite of its technological advancements.
The study highlighted, “Despite Japan’s recognition of Bitcoin as a legal tender, the cautious attitude taken by its regulatory bodies has had a negative effect on Tokyo’s crypto readiness.”
Meanwhile, Singapore emerged as the Asian leader in crypto readiness thanks to its well-thought-out strategy that is spurring innovation in this industry.
Some other key findings entailed Los Angeles standing out as the city with the most crypto ATMs globally at 1810. Furthermore, the United States emerged as the nation with the most cities that have cryptocurrency ATMs.
On the other hand, crypto investment funds have been witnessing an influx of inflows to the tune of more than $1 billion thanks to the spot Bitcoin exchange-traded fund (ETF) approval, as previously reported by ZyCrypto.