Where Do Most Crypto Specialists Reside?
Analytical firm K33 (formerly known as Arcane Crypto) has released a report outlining the global distribution of employees and engineers engaged in cryptocurrency companies.
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Digital assets have emerged as a compelling alternative to traditional financial instruments, garnering the attention of investors and traders worldwide. With a market capitalization of $1.22 trillion, a robust user base of around 420 million individuals, and a thriving industry supported by thousands of dedicated professionals, the viability and appeal of digital assets are indisputable.
The crypto industry
Currently, the global landscape boasts around 10,000 companies with a primary focus on cryptocurrencies and blockchain technology. It's important to note that this figure excludes private investment organizations. Collectively, these companies have a combined value exceeding $180 billion and employ approximately 187,500 individuals. This represents a substantial increase compared to 2019 when the crypto industry employed 72,800 people. While a considerable portion of the industry's workforce is spread across large corporations with a significant employee base, the majority of individuals are engaged in medium-sized or small businesses.
Over 60% of the workforce is concentrated in the exchange trading and investment sectors, the industry's main segments. Around 62,400 individuals are engaged in exchanges, while another 48,500 work in companies offering crypto services like payments, lending, deposits, and investments. The remaining workforce encompasses various specialized areas within the industry, including decentralized protocols, analytics, mining, and other niche fields.
Where do crypto industry professionals reside?
Much like many tech-driven corporations, crypto companies try to harness the benefits of globalization by establishing international teams. A majority of crypto industry professionals (55%) live in Western countries, while about 35% of the worldwide crypto workforce is concentrated in Asia and Australia. Other continents have comparatively less appeal as work destinations within the industry.
Crypto Industry Employee Distribution by Continent. Source: K33’s Official Website
North America
The United States dominates the North American scene, employing a whopping 88% of all crypto specialists in the region. This constitutes 29% of the total global workforce in the industry, putting the U.S. in a clear leading position worldwide. Regulatory challenges and ambiguity surrounding cryptocurrencies haven't hampered this dominance. K33 suggests this is due to factors like the high standard of living, easily accessible credit, robust prospects, and a fair legal system.
Crypto Workforce Distribution (%) in the U.S. and other countries. Source: K33’s Official Website
Europe
In Europe, the United Kingdom holds the reins, being home to a third of crypto professionals on the continent. This outnumbers the combined workforce in France, Germany, Spain, and Italy. The reasons for the UK's supremacy echo those in the U.S.: a substantial income level and a reliable judicial system. An added distinguishing feature is the presence of specific cryptocurrency regulations, something that's lacking in many EU countries. Beyond the UK, Switzerland also stands out due to its more liberal and autonomous policies.
Crypto Workforce Distribution (%) in European countries. Source: K33’s Official Website
Asia
In Asia, India, along with two island nations — Singapore and Hong Kong — holds sway over a significant portion of the market, each having 20% of the region's crypto professionals. These countries, known for their liberal regulations, low taxes, and extensive global ties, currently hold an advantage over India's uncertain strategy and China's stringent policies.
Crypto Workforce Distribution (%) in Asian countries. Source: K33’s Official Website
Conclusion
Despite the notable decrease in the cryptocurrency market's capitalization and regulatory pressures, the crypto industry remains resilient and continues its upward trajectory. The number of workers engaged in the sector remains high. As for the best places to live and work for crypto specialists, the United States, the United Kingdom, and a handful of Asian countries continue to top the list.
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