Vancouver, Canada is a tech and crypto hub that punches above its weight. It is home to the world’s first bitcoin ATM, CryptoKitties developer Dapper Labs, and some miners, including Hive Blockchain (HIVE). The city is a growing hub, but not fully global yet, according to Al Leong, a chief marketing officer and board member for Web 3 companies. Vancouver saw the biggest growth in high-tech jobs in 2020 and 2021 compared to any other city in North America, likely due to its low tax rates, world-class cities, and diverse population.
Crypto natives will find signs of grassroots adoption of Web3 and crypto throughout the city. An art installation launched two years ago transformed the underside of a bridge into an augmented reality experience exploring blockchain. Vancouver is also home to at least three bitcoin and one Ethereum meetup. The city is geographically close to Microsoft’s hometown of Seattle, Washington, and has stunning natural beauty.
Despite its relatively small size, Vancouver is attractive to crypto businesses. Unfortunately, Canada’s crypto regulatory structure score was just middling, sitting at three of a maximum score of five. This pulled Vancouver to 13th place overall in CoinDesk’s Crypto Hubs 2023. Regulators in Canada tightened rules for crypto operators in February, leading to the high-profile exits of two other major crypto exchanges Bybit and OKEx, as well as crypto firms Blockchain.com and Paxos. Canada’s tax authority is updating tax rules for crypto, and British Columbia imposed an 18-month moratorium on new mining operations in December 2022.
Despite these challenges, Vancouver is likely to continue to play a pivotal role in the development of this technology. As Al Leong said, Vancouver has greater access to the Asia Pacific hubs and networks and seems to act as a launchpad for other jurisdictions.