rewrite this title 9 Most Influential Crypto Cities in the World in 2024 – Decrypt

Cryptocurrencies have established a stronger foothold in global financial ecosystems, and cities worldwide are vying to be hubs for blockchain innovation and adoption. 

There’s little doubt that the industry has progressed this year. From regulatory clarity to a thriving startup culture, here are nine cities that helped shape the crypto landscape in 2024.

1.Berlin, Germany

This year, Germany clarified tax rules for staking and lending, reducing uncertainty for retail and institutional investors. The city’s collaborative culture, bolstered by events like the Berlin Blockchain Week, attracts developers and entrepreneurs alike.

“Berlin is solidifying its place as Europe’s premier crypto hub for 2025,”  Hannes Graah, founder of digital wallet Zeal,” told Decrypt. “With a deep-seated crypto culture and a vibrant developer community, the city is leading the charge in integrating blockchain into daily life.”

The tax on crypto gains aligns with the regular income tax rate, which can be as high as 45%, plus an additional 5.5% Solidarity Tax. However, if a user holds their crypto for at least a year, then their gains are tax-free.

2.Singapore

Singapore’s Monetary Authority (MAS) 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 entry barriers for companies. With its forward-thinking crypto framework and strategic location in Asia, Singapore remains a pivotal gateway for businesses targeting both Eastern and Western markets.

“Singapore maintains a slight edge due to its established financial reputation and regulatory framework,” Danny Chong, co-founder of Tranchess, a yield and multi-chain staking protocol, told Decrypt. “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) issued comprehensive crypto guidelines in 2024, solidifying the region’s position as a crypto powerhouse. Initiatives like the DMCC Crypto Center and zero-tax policies continue to attract global exchanges and venture capital.

“Streamlined licensing processes and investments in high-profile events like Token2049 have attracted prominent virtual asset providers and financial institutions, cementing Dubai and Abu Dhabi as magnets for institutional investors seeking clear regulations and a supportive environment for digital asset innovation,” Brandon Truong, co-founder of layer-1 blockchain ZetaChain, told Decrypt.

In October, Vara implemented a comprehensive framework covering marketing, consumer protection, prohibited activities, and international compliance for virtual assets, adding to existing frameworks implemented last year. That’s helped pull outside crypto firms in.

4.Tokyo, Japan

In 2024, Japan doubled down on its efforts to balance innovation and consumer protection for crypto. In April, the Financial Services Agency (FSA) implemented tax reforms approved the year prior that eliminated levies on unrealized corporate gains for crypto holdings. 

The move effectively incentivizes institutional investments, harboring a friendlier environment for blockchain and crypto businesses. 

Tokyo continues to be a global hub for blockchain gaming and NFTs, thanks to its tech-forward infrastructure and regulatory clarity. The city’s vibrant startup ecosystem, combined with government support for Web3 innovation, has made it a hub for developers and entrepreneurs.

5.Sydney, Australia

While regulations have been slow to develop in Australia—and even as Reserve Bank governor Michele Bullock continues to thumb her nose at the industry—Sydney plays host to a vibrant crypto community. 

This year’s Aus Crypto Con, held at the International Conference Center, showcased a vast array of domestic and neighboring countries’ latest crypto innovations, as well as some old familiar 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 guidance would mark the first comprehensive policy geared specifically towards Australia’s budding crypto industry. 

Still, some lingering questions remain, and local industry leaders are pushing back over 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 surged, particularly in 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 continues to be a dynamic center for crypto entrepreneurs. In May 2024, the University of Miami hosted the 2nd Annual Business of Blockchain Technology Conference, which provided a platform for academics, professionals, and policymakers to discuss blockchain research and practices. 

While 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 organized events like WAGMI Miami, a major Web3 and blockchain conference that attracted thousands of participants, while the annual Art Basel convention again attracted a slew of crypto artists and creators to the city. Such events and others only reinforced 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 industry advancements. The New York State Department of Financial Services (NYDFS) introduced stricter requirements for crypto firms, including enhanced coin-listing policies and updated customer service guidelines to improve consumer protections.

In November, Circle, the issuer of USDC stablecoin, announced its move to New York ahead of a planned IPO. New York’s balance between regulatory oversight and fostering blockchain innovation highlights the city’s growing appeal as Wall Street firms, including BlackRock, continue to move on the asset class.

9.Hong Kong

Hong Kong is ramping up efforts to become a leading crypto and wealth management hub by proposing tax exemptions for cryptocurrency investment gains. The Financial Services and Treasury Bureau has suggested expanding capital gains tax exemptions to include crypto, overseas properties, and carbon credits, targeting sophisticated investors and private funds.

The city is also tightening regulations on stablecoins, requiring issuers to hold reserves locally and establish a physical presence. These measures, combined with its existing tax breaks for family offices, aim to attract institutional capital and foster blockchain innovation. Hong Kong is positioning itself to compete as a major player in the global digital asset market.