In a development that will turn the heads of many a client of ours looking to launch an AML-compliant ICO, a new set of rankings has been released showing the UK as the second friendliest country to crypto firms.
The rundown was put together by Coincub, which analyses different countries’ crypto economies. Topping the list for crypto friendliness was Singapore, with the island country achieving its number one position on account of such factors as its overall number of crypto companies, the proportional number of crypto firms, fundraising, and venture capital presence.
How did the UK fare so well in the crypto rankings?
The UK’s high ranking in the list – placing it ahead of such territories as the Cayman Islands, Hong Kong, and the United States – might surprise some observers, given the scepticism that has been shown towards the crypto space by the country’s financial authorities.
However, it seems that the global crypto industry has been buoyed by the rise to Prime Minister of Rishi Sunak, who voiced enthusiasm for crypto during his time as Chancellor of the Exchequer, and expressed a determination to make the UK an international hub for crypto.
Coincub seems to be among the parties that have become convinced of the UK being well-placed to realise its longstanding potential in the crypto sector.
What other jurisdictions did well – or badly?
Coincub’s business-friendly ranking report is the first in an intended two-monthly series, with each one carrying a different set of analyses on the global crypto community. It should not be confused with Coincub’s widely acknowledged ‘country rankings’, which are released every quarter, and adopt a broader socio-economic perspective on the international expansion of crypto and blockchain.
Nonetheless, it is fascinating to see that in its rankings of countries that are friendly to crypto businesses, the UK was ahead of not only the aforementioned countries save for Singapore, but also Switzerland, Estonia, Australia, Norway, Germany, France and Canada. All of these countries were in the top 20 of the overall list.
Territories that did not perform so impressively included the likes of El Salvador and the Central African Republic, despite both nations having recently adopted Bitcoin as legal tender. They sit in the lower half of the rankings.
Tap into the broader possibilities of crypto with TAG Consultancy’s help
Although our team has wide-ranging knowhow and experience in various areas of relevance to individuals and businesses in Gibraltar – including accounting, auditing, business start-up, and more – for many of our clients, it is our crypto solutions that have proved especially vital to their success.
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