Lisbon emerges as a vital Crypto hub in Europe

Lisbon emerges as a vital Crypto hub in Europe

Lisbon has been dubbed the world’s most important crypto centre by European crypto initiatives. Greenfield, a European crypto investment firm, put forward its biennial State of European Crypto Report 2023 today. Lisbon, the Portuguese capital city, has surpassed New York, Berlin, and Paris as the most popular destination for crypto fans globally. 

The research study looked at 68 leaders of firms and protocols whose founding members are European in origin or have a European headquarters. This year’s survey ran from January 31 to March 20. Despite the confidential nature of the survey, a Greenfield spokesperson estimated that one-third of respondents were also portfolio companies. 

The study’s findings named Lisbon “the Capital of Crypto Europe – and Beyond.” New York and Berlin tied for the second position, with Paris, the most recent go-to European crypto metropolis, ranking seventh. Three European metropolises are in the top ten. In comparison, the United States had four entries. Singapore, taking fourth place, is the only Asian hub in the top 10.

The major reasons given by around half of the founders of crypto firms with European roots were Lisbon’s favourable tax legislation and the booming DeFi sector. The drain of crypto talent from the United States has also benefitted the Portuguese capital. Though, New York’s excellent access to venture capital funds and world-class conferences helped it in getting into the top 10. Simultaneously, Berlin’s reported gleaming crypto track record and robust developer pool earned it a favourable reputation with respondents. While Paris ranked the best for the web3 and NFT markets. 

For 70% of respondents, the most significant reason in 2023 will be regulations. Privacy and identity concerns ranked in the second position for 35% of proposals.  Greenfield’s latest analysis comes only two weeks after European legislators passed the Markets in Crypto Assets (MiCA) legislation. While the States appear to be still struggling with regulations. 

The poll found that the MiCA regulatory system, which was officially authorised by European Union (EU) lawmakers last month, played a favourable influence. The greater crypto community views the regulation and transparency it provides as a benefit rather than an impediment. According to Jascha Samadi, co-founder and partner at the organisation that conducted the poll, MiCA is not flawless, but it provides substantial benefits such as transparency and a clear framework for centralised enterprises.

Even in the field of education, Europe is gaining the lead in the digital assets subject matter. Crypto master’s degrees are available in universities in the United Kingdom, Ireland, and Spain. Swansea University in Wales, United Kingdom, provides a Master of Science in Financial Technology degree programme. Dublin City University in Ireland provides a Master of Science in Computing (Blockchain and Distributed Ledger Technologies). A Master’s degree in blockchain and smart contracts is available from the University of Salamanca in Spain.