Dubai is ranked top in the region and second worldwide as per Recap a known Cryptocurrency Asset management Company, that has recently issued a report on which cities are favourable for Cryptocurrencies. London is ranked as the top crypto hotspot in the world due to its robust financial system and flourishing startup scene.
 

The report from Recap examines eight significant elements to determine if the world's most populated cities are prepared for crypto. The quality of life index, cryptocurrency-specific events, people working in the industry, cryptocurrency businesses, R&D investment as a percentage of GDP, the number of bitcoin ATMs, the capital gains tax rate, and cryptocurrency ownership in each country are all included in this.
 

Dubai established the Virtual Assets Regulatory Authority (VARA), whose job it is to license and oversee the industry throughout Dubai's mainland and free zone regions. (excluding DIFC).
 

Numerous significant cryptocurrency companies, like as crypto.com, Bybit, Binance, Deribit, and others, have already established themselves in the emirate while still more intend to do so.
 

According to a recent YouGov survey, two-thirds of UAE citizens are interested in cryptocurrency. Also, Dubai residents can choose among 772 crypto-based companies while looking for employment in the industry.
 

Joined with a favourable tax system and a plethora of other reasons, Dubai is a desirable location for cryptocurrency investors.