Four crowned crypto capitals of 2024

In 2024, cities like Dubai and Singapore stepped up with ambitious policies and groundbreaking initiatives, igniting a fierce global race to dominate the crypto landscape.

As cryptocurrency gains global momentum, some cities are crafting policies to attract innovation and investment. From tax breaks to regulatory clarity, these strategies are turning urban centers into key players in the decentralized economy.

As the competition heats up, which city is best positioned to claim the title of the world’s leading crypto hub?

Here’s a look at The Crypto Radio’s top picks for crypto destinations to put on your watch list.

1. Dubai 

Photo: Unsplash / Christoph Schultz

Dubai's strides in 2024 have solidified its position as a frontrunner in becoming a global crypto hub.

The UAE's Federal Tax Authority has exempted cryptocurrency transactions from value-added tax (VAT), bringing the sector in line with traditional financial services. This policy has spurred investment, simplified compliance, and reduced operational costs for crypto businesses.

In a landmark move, the Dubai International Financial Center (DIFC) introduced the world's first Digital Assets Law. Jacques Visser, Chief Legal Officer of the DIFC Authority, described the legislation as "groundbreaking," highlighting its comprehensive approach to defining digital assets as property and outlining their control, transfer, and management.

The DIFC reaffirmed its commitment to global standards, stating that the new law ensures a transparent and robust legal framework.

2. Singapore 

Photo: Unsplash / Annie Spratt

Singapore has steadily advanced its crypto industry, positioning itself as a leading crypto hub in Asia.

A major achievement was the Monetary Authority of Singapore (MAS) issuing 13 Major Payment Institution (MPI) licenses to crypto exchanges last year—more than double the previous year’s count. This regulatory progress has further solidified the country's role in the sector.

A study by ApeX Protocol revealed that Singapore holds 1,600 blockchain patents, nearly 2,500 blockchain-related jobs, and 81 crypto exchanges—remarkable figures for a nation of under six million people.

✅ A new report by ApeX Protocol recognizes Singapore as the world's leading global hub for #Blockchain innovation based on patents, industry jobs and crypto exchanges. pic.twitter.com/BNtjL2hRy2

— G.M. (@DegenFully) January 2, 2025

Singapore’s leadership in global crypto adoption is evident, with an Independent Reserve survey revealing that 40% of local investors already own cryptocurrency, and 41% of them invest at least $500 monthly.

3. Lugano 

Photo: Unsplash / Delia Giandeini

The Swiss city of Lugano has maintained a strong pro-crypto stance, making it one of the most Bitcoin-friendly cities in the world.

With hundreds of local merchants accepting Bitcoin, residents can virtually live entirely on cryptocurrency. In late 2023, the city took a bold step by allowing payments in Bitcoin and USDT for taxes and municipal services. Through the Swiss platform Bitcoin Suisse, residents entered 2024 with the option to pay for public services using crypto.

This initiative is part of Lugano’s Plan B, launched in collaboration with Tether to integrate Bitcoin technology into the city's financial infrastructure. Officially launched in 2022, Plan B aims to scale blockchain adoption across Lugano and transform daily life.

According to the project's website, “The plan will scale blockchain and Bitcoin throughout the city to positively impact all facets of daily life for the residents of Lugano, from small transactions with local merchants to larger efforts such as paying annual taxes.”

Lugano has also established PoW.Space, a co-working hub designed to foster innovation in Bitcoin and peer-to-peer technologies. The space offers specialized meeting rooms and creative work areas to encourage networking and drive innovation.

4. Buenos Aires

Photo: Unsplash / Mario Ame

The Argentine capital also saw major developments in its crypto industry. In October, its local government embraced a decentralized identity solution known as QuarkID, which is backed by blockchain technology and powered by a complex network known as ZKsync Era.

In a translated statement, the government explained, “By giving 3.6 million residents greater control over their personal data, the city is setting a new standard in privacy and security for digital identity management.”

Argentina also saw higher stablecoin adoption rates amidst its economic crisis and increased inflation. According to a 2024 report by Chainalysis, Argentina's “interest in stablecoins highlights the role of crypto in unstable markets and how citizens are able to take better control of their financial futures by embracing cryptocurrency, regardless of official monetary policy.” 

The rise of crypto cities 

The cases of Dubai, Singapore, Lugano, and Buenos Aires are just examples of how cryptocurrency and blockchain are reforming and transforming interactions with these digital assets. As the year unfolds and the industry continues to evolve, more cities are bound to follow suit—further driving and pushing the crypto landscape to soar to new heights.