London and Dubai have emerged as the key global hubs for crypto activity, according to a recent report by Recap. Dubai established as global crypto hub In June 2022, Islamic Coin was subject to a fatwa, issued by the world’s leading Muslim authorities. The intersection of cryptocurrency and shariah compliancy has long been a sticking point, but two months after the fatwa was issued, Islamic Coin went on to raise $200m (Dh734.62m) in a private sale. The controversy has not dampened Dubai’s ambitions to become a global crypto hub. London and Dubai appear to be holding steady through the crypto winter and playing a long game. Despite crypto’s reputational problems after the collapse of trading platform FTX and the ensuing bear market, GlobalData research predicts that far from being dead, crypto’s current woes may simply illicit a culling of unrealistic use cases. When the shoots of economic growth finally reveal themselves, both cities will be well placed to cement their global leadershi