Not Dubai, not New York, and not even Berlin, but just Lisbon! This Portuguese capital has been recognized as the world’s most developmental place for cryptocurrency adoption.
Report identifies clear leader in cryptocurrency industry development
On Wednesday, May 3, the investment firm Greenfield shared the State of European Crypto Report 2023, which shows that Lisbon is the best hub for cryptocurrency market development in the world.
The success of the Portuguese capital was immediately commented on by Jascha Samadi, co-founder of Greenfield:
“We have great confidence that the European cryptocurrency scene will continue to prosper, strengthened by the MiCA regulation, which will cement Europe’s position as one of the world’s most important industry hubs. Even in the midst of the current bear market and compared to the recent slowdown in 2018, we are seeing remarkable growth in the European developer community, in addition to clear signs that the industry is maturing.”
As many as half of those surveyed placed Lisbon as the most important place for the industry to grow. Interestingly, Berlin and New York came in second place ex-aequo. In this list, one looks in vain for, other cities that are considered the future of the crypto market. Could it be that Dubai and Hong Kong have not yet emerged in the minds of respondents?
The research methodology explains everything
The report presents the results of an anonymous survey of 68 heads of crypto companies and protocols whose founders are from or based in Europe. Although the participants were assured of anonymity, a Greenfield spokesperson estimated that a third of them operate as portfolio companies.
Nevertheless, it is easy to see that the survey group is extremely small, and its centralization in a particular area of the world, is entitled to and probably did shape the responses.
What is interesting, however, are other aspects that seem to be more difficult to dispute. The survey shows that most respondents pointed to two key factors in choosing the Portuguese capital as a place to do business. The first is the developed and gaining momentum DeFi scene, which attracts entrepreneurs from all over Europe. The second factor is the favorable cryptocurrency tax law, which helps to increase profits and minimize business costs.
MiCA key to cryptocurrency development in Europe
Greenfield’s report comes two weeks after European politicians passed the Markets in Crypto Assets (MiCA) law, the first attempt to introduce a unified and comprehensive regulatory framework for cryptocurrencies, among the 27 member states. In the survey, 70% of respondents indicated that regulation was the most influential topic of the ongoing year. Privacy and identity issues came in second place.