Dubai, Switzerland, and South Korea Leads As 2024 Crypto Hub

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As the world continues to embrace cryptocurrency on a larger scale, a fresh report from Social Capital Markets has pinpointed the top global hub for crypto enterprises in 2024. The study evaluated countries based on regulatory frameworks, tax incentives, and overall business climate.

Dubai Emerges as the Leading Crypto Hub Globally

Dubai, located in the Middle East, stood out as the top destination for crypto businesses in 2024, with an overall score of 79. The city’s success is attributed to its regulatory clarity and the absence of capital gains tax. It also offers a favorable corporate tax rate of just 9% for income above AED 375,000.

Dubai’s low licensing fees further enhance its appeal, allowing companies to establish a presence without high administrative costs. The study shows that over 550 registered crypto companies operate in the region, including major players like Binance, Bybit, and OKX.

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Also, the city’s proactive stance in fostering the blockchain ecosystem has quickly solidified it as a global crypto hub.

Switzerland and South Korea, a Long-Standing Crypto Stronghold

Switzerland came in second on the list with a score of 75. The country has long been recognized for its crypto-friendly environment. Zug, one of its cities, has been nicknamed Crypto Valley due to its reputation as a hub for crypto firms and blockchain technology innovations.

Reportedly, about 900 registered crypto companies, including 21. co and Santander, operate in the South Central Europe country. Switzerland’s stable and attractive 7.8% capital gains tax for long-term investors continues to attract big investors and firms.

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In addition, the Financial Market Supervisory Authority (FINMA) has provided the country with clear and effective regulatory guidance.

South Korea rounds out the top three crypto destinations with a score of 73.5. The country has developed a more defined regulatory framework in recent years, which has attracted over 376 crypto companies, including Crypto.com. Despite initial uncertainty in the regulatory space, the country’s proactive steps are turning it into a key player in the global crypto market.

Other Key Crypto Hub in 2024

While Dubai, Switzerland, and South Korea top the list, several other countries are making strides toward becoming crypto-friendly destinations. Singapore ranks fourth, scoring 72, and is strongly committed to supporting crypto businesses through an $8.9 million blockchain grant.

The United States and Portugal also stand out due to their contributions to crypto adoption. In these countries, thousands of businesses accept digital assets like Bitcoin and Ethereum as payment service options.