Ali Raza
The popularity of crypto assets has exploded in recent years. Global crypto usage soared by nearly 400% between 2020 and 2022, and more growth is expected to be seen this year. London has emerged as the largest crypto hub globally, while Nigeria is leading crypto adoption in Africa, with 45% of its population using or owning crypto assets.
London is the top crypto hub globally
The current UK Prime Minister has previously shown interest in transforming the UK into a global crypto hub. In April, while serving as the Chancellor of the Exchequer, Sunak said that the goal was to attract crypto technology in the UK. He even helped the UK government create its first non-fungible token (NFT).
Chancellor @RishiSunak has asked @RoyalMintUK to create an NFT to be issued by the summer.
This decision shows the the forward-looking approach we are determined to take towards cryptoassets in the UK. pic.twitter.com/cd0tiailBK
— HM Treasury (@hmtreasury) April 4, 2022
“It’s my ambition to make the UK a global hub for crypto asset technology,” Sunak said at the time, highlighting the need to “ensure firms can invest, innovate and scale up in this country.”
Given the volatility in the crypto industry over the past year and the collapse of top crypto firms such as FTX, Three Arrows Capital, and Celsius, among others, interest in crypto assets remains high.
A recent study revealed that London has 2,173 people working in the crypto industry, the largest number of people working in the space compared to any other city. The country also has more than 800 crypto-based firms. Given the high number of people operating in the country, London ranked as the city with the second-highest number of crypto events and conferences during the year.
Dubai ranked second in crypto activity, pushing the country to emerge as a leading hub for cryptocurrency and blockchain technology in the Middle East. Dubai has a friendly crypto regulatory framework, with no taxes on crypto transactions. There are 722 crypto companies based in Dubai.
The mayor of New York has also played an instrumental role in promoting crypto adoption in the city, as it ranks third and has the highest number of people working in the crypto industry. Singapore came in fourth, with 25% of the population owning crypto and more than 1000 people working in the industry. Los Angeles came fifth, with the growth attributed to the Crypto.com arena.
The other cities in the top-ten ranking include Zug, Hong Kong, Paris, Vancouver. and Bangkok. El Salvador, the first country to adopt Bitcoin as legal tender, took the 41st position, with around ten people working in the crypto industry.
Nigeria has the highest population of people interacting with crypto
Nigeria secured 14th place in global cryptocurrency usage. However, the country has the highest percentage of the population using cryptocurrencies, with 45% of the people owning or using cryptocurrencies.
The Nigerian central bank has been attempting to crack down on crypto usage. The institution barred commercial banks from facilitating crypto-related transactions. It also launched a central bank digital currency (CBDC), the e-Naira, to compete against private cryptocurrencies. However, the efforts have been futile as crypto activities in Nigeria have continued to grow.
The central bank of Nigeria recently imposed a limit on ATM withdrawals, with pushed the demand for Bitcoin. Towards the end of last month, Bitcoin traded at a 60% premium in Nigeria.
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This article was written for Business 2 Community by Ali Raza.
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