Germany And The US Are The Most Crypto-Friendly Nations
- Germany and the US have tied as the most crypto-friendly nations in the world
- Singapore, Australia, and Switzerland are ranked below the above two
The emerging crypto industry is getting popular among people across the world due to its decentralized nature. As per a recent report by Coincub, Germany and the United States are the two countries that topped the list of most crypto-friendly nations in the world for Q2 2022.
Retaining its top spot highlighted in Coincub’s last report, Germany has now invited the United States to share the crown.
The report finds that both Germany and the U.S. scored high across multiple metrics. Notably, the former took first place in Coincub’s 2022 Q1 ranking, primarily driven by the unprecedented move by savings institution Sparkasse to allow Bitcoin investments. The report further demonstrates:
“Germany’s score might get a boost in Q3 [2022] following the European Union’s new regulatory framework for crypto, titled Markets in Crypto-Assets (MiCA).”
Notably, the company believes that Biden’s push for a better and clearer set of crypto regulations, along with the creation of anti-money laundering rules, will further boost crypto adoption in the U.S. in Q3 2022. In addition, Fidelity’s decision to include crypto in their pension funds is also an important factor in moving the country up the list. Coincub states:
“This is as groundbreaking an endorsement of BTC as that by the Sparkasse savings institution in Germany.”
As for other crypto-friendly countries, Singapore, which topped the list in 2021 Q4, sits in the third spot with a high concentration of crypto holders and ICOs. Citing the reasons for its slip from first to the third position, the report stated:
“Restrictions on the third-party advertising of virtual asset service providers have lowered its score.”
Australia holds the fourth spot as it was simply overtaken by the four countries. Switzerland has secured the fifth spot, mainly due to progressive regulations and heavy trading volumes. The report states that the country’s ranking was improved by the “Canton of Lugano’s decision to use bitcoin as de facto legal tender.” Notably, in March, the City of Lugano, which accepts crypto for tax payments, partnered with Tether to cooperate toward its goal of becoming a major European Blockchain hub.
Coincub claims to offer bespoke analysis of the crypto economy for crypto investors on a country-by-country basis.
“In the quarterly rankings, all governmental moves to legitimize crypto investment, safeguard consumers, and consolidate strategy boost a country’s crypto economy and score highly within our ranking criteria.”
The CEO of the company, Sergiu Hamza, stated.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
