of London-based crypto startup ConsulTech.
London has emerged as a top global hub for cryptocurrencies, ranking high on various criteria including regulatory structure, ease of doing business, and adoption of digital currencies. According to a recent report by Chainalysis, the UK was ranked 4th in the world for crypto adoption, with the US being the only country ahead of it.
London’s position as the world’s top marketplace for foreign exchange, with the London session open for 24 hours a day, along with the over 300-year-old London Stock Exchange, has enabled the city to leverage its traditional finance infrastructure and become a hub for trading liquid assets including cryptocurrencies. “This puts London in pole position to serve the world as a hub for crypto as businesses and institutions seek trusted and reliable trading partners,” said Nick Philpott, co-founder of institutional crypto trader Zodia Markets.
London’s appeal as a global financial center is further amplified by its connectivity to international markets, with businesses and individuals able to tap into a wide range of sources of investment from venture capitalists to angel investors. The UK’s predictable business environment and its prestigious educational institutions also attract top-class talent to the city’s startup scene.
However, the future viability of London’s crypto hub status will largely depend on the regulatory environment that lawmakers create for digital assets and blockchain technology. Prime Minister Rishi Sunak has expressed his desire to turn the UK into a global crypto hub, but the country needs to act fast to keep up with smaller markets such as Dubai, which are also seeking to benefit from the growth of digital currencies.