Cryptocurrencies have gained a stronger position in global financial ecosystems, and cities around the world are vying to be hubs for blockchain innovation and adoption.
There is little doubt that the sector has made progress this year. From regulatory clarity to a thriving startup culture, here are nine cities that will help shape the crypto landscape in 2024.
1.Berlin, Germany
This year, Germany clarified tax rules for staking and lending, reducing uncertainty for private and institutional investors. The city’s collaborative culture, reinforced by events like Berlin Blockchain Week, attracts developers and entrepreneurs alike.
“Berlin is cementing its place as Europe’s top crypto hub by 2025,” said Hannes Graah, founder of digital wallet Zeal. Declutter. “With a deep-rooted crypto culture and a vibrant developer community, the city is at the forefront of integrating blockchain into everyday life.”
The tax on crypto profits corresponds to the regular income tax rate, which can be up to 45%, plus an additional solidarity tax of 5.5%. However, if a user holds their crypto for at least a year, so will their profits tax free.
2.Singapore
The Monetary Authority (MAS) of Singapore expanded its regulatory sandbox in 2024, creating new opportunities for fintech startups to explore tokenized assets, decentralized finance or DeFi and other blockchain-based solutions in a controlled environment.
This year, MAS also streamlined licensing processes and introduced clearer guidelines for digital payment token service providers, reducing barriers to entry for businesses. With its progressive crypto framework and strategic location in Asia, Singapore remains a crucial gateway for companies targeting both Eastern and Western markets.
“Singapore maintains a slight lead due to its established financial reputation and regulatory framework,” Danny Chong, co-founder of Tranchess, a multi-chain yield betting protocol, told me. Declutter. “Singapore’s complementary strengths can create a transformative economic zone for the crypto industry.”
3.Dubai, United Arab Emirates
Dubai’s Virtual Asset Regulatory Authority (VARA) has issued comprehensive crypto guidelines in 2024, cementing the region’s position as a crypto powerhouse. Initiatives such as the DMCC Crypto Center and the zero tax policy continue to attract global exchanges and venture capital.
“Streamlined licensing processes and investments in high-profile events such as Token2049 have attracted prominent virtual asset providers and financial institutions, making Dubai and Abu Dhabi a magnet for institutional investors looking for clear regulations and a supportive environment for digital asset innovation” , says Brandon Truong, co-founder of layer-1 blockchain ZetaChain Declutter.
In October, Vara implemented one comprehensive framework regarding marketing, consumer protection, prohibited activities and international compliance of virtual assets, complementing the existing frameworks implemented last year. That has helped attract crypto companies from outside in.
4.Tokyo, Japan
In 2024, Japan redoubled its efforts to balance innovation and consumer protection for crypto. The Financial Services Agency (FSA) implemented this in April tax reforms passed the year before, eliminating levies on unrealized business profits for crypto holdings.
This move effectively encourages institutional investments and provides a friendlier environment for blockchain and crypto companies.
Tokyo remains a global hub for blockchain gaming and NFTs, thanks to its technologically advanced infrastructure and regulatory clarity. The city’s vibrant startup ecosystem, combined with government support for Web3 innovation, has made the city a hub for developers and entrepreneurs.
5.Sydney, Australia
While in Australia – and even as Governor of the Reserve Bank – regulation has been slow to develop Michel Bullock continues to thumb its nose at the industry – Sydney is host to a vibrant crypto community.
This year’s Aus Crypto Con, held at the International Conference Center, showcased a wide range of latest crypto innovations from domestic and neighboring countries, as well as some old ones.
The Australian and Investment Commission is also exploring regulations for the near future that seek to define when and how crypto should be classified as financial products.
Should it be implemented, the guidelines would mark the first comprehensive policy specifically aimed at Australia’s burgeoning crypto industry.
Yet something lingers questions remainand local industry leaders are pushing back against concerns about when crypto products, such as yield-bearing stablecoins and tokenized assets, should be considered financial products.
6.San Francisco, United States
San Francisco’s Silicon Valley continues to foster disruptive crypto projects despite a challenging U.S. regulatory environment.
In 2024, venture funding for Web3 startups soared, especially on decentralized social platforms. Notably, Bluesky Social, a decentralized social media company, secured a $15 million Series A investment in October to expand its user base and develop subscription models.
The investment reflects renewed optimism about decentralized networks. Venture capitalists are increasingly backing projects that promote user autonomy and data privacy.
7.Miami, United States
Miami remains a dynamic center for crypto entrepreneurs. In May 2024, the University of Miami hosted the second annual Business of Blockchain Technology Conference, which provided a platform for academics, professionals, and policymakers to discuss blockchain research and practices.
Although Mayor Francis Suarez has long been a proponent of blockchain innovation, no significant new initiatives aimed at broadening blockchain education were widely reported this year.
However, the city hosted events such as WAGMI Miami, a major Web3 and blockchain conference that attracted thousands of participants, while the annual Art Basel convention once again attracted a slew of crypto artists and makers to the city. Such and other events only cemented Miami’s status as a crypto hub and center of influence.
8.New York City, United States
New York City strengthened its position as a blockchain hub in 2024 with tightened crypto regulations and advancements in the sector. The New York State Department of Financial Services (NYDFS) has introduced stricter requirements for crypto companies, including improved coin listing policies and updated customer service guidelines to improve consumer protections.
In November, Circle, the USDC stablecoin issuer, announced its move to New York ahead of a planned initial public offering. New York’s balance between regulatory oversight and promoting blockchain innovation highlights the city’s growing appeal as Wall Street firms, including BlackRock, continue to advance in the asset class.
9.Hong-Kong
Hong Kong is ramping up its efforts to become a leading crypto and wealth management hub by submitting proposals tax exemptions for investment gains in cryptocurrency. The Financial Services and Treasury Bureau has proposed expanding capital gains tax exemptions to include cryptocurrencies, foreign assets and carbon credits, targeting sophisticated investors and private funds.
The city is also tightening regulations on stablecoins, requiring issuers to maintain reserves locally and have a physical presence. These measures, combined with existing tax breaks for family offices, are intended to attract institutional capital and promote blockchain innovation. Hong Kong is positioning itself to compete as a major player in the global digital asset market.
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