Germany, and the United States Settles For Top Spot In a Recent Report on Crypto-friendly Countries
- Reportedly, both the United States and Germany emerged at the top spot due to their relaxed policies towards the cryptocurrency industry.
Both Germany and the United States have emerged as the friendliest cryptocurrency countries, according to a recent survey conducted by Coincub. According to the report, which includes the second quarter of 2022, the two countries are sitting side by side at the top position.
Reportedly, both countries emerged at the top spot due to their relaxed policies towards the industry. Recall, that in the first quarter of 2022, Germany cemented its place as the most friendly nation toward cryptocurrency.
The European country attained that height due to the Sparkasse policy to permit investments in Bitcoin. Sparkasse is one of the largest investment institutions in Germany that allows people to save through different packages.
How The United States Joined Germany in Top Spot
Notably, The United States clinched this zenith due to President Joe Biden’s friendly approach to the industry. Though, the country is yet to have a definite guideline on cryptocurrency. However, a few months back, Joe Biden released an executive paper seeking the opinion of the public through governmental agencies. According to the papers, Biden intended to collate how the general population feels about what cryptocurrency regulation ought to be.
With that, the president triggered relief among cryptocurrency enthusiasts. The approach of Joe Biden towards cryptocurrency is remarkably different from his predecessor, Donald Trump. The President admitted that cryptocurrency has come to stay. Yet, his approach tends to regulate the industry against disrupting the finance sector of the U.S.
Furthermore, the recent report manifested the emergence of Switzerland in the third position. This recent development occurred due to the protective regulation and the increased trading volume in the country. The country moved up due to Canton of Lugano’s move to embrace Bitcoin as a means of payment and exchange. In the region, people can use Bitcoin to pay for anything including tax.
Singapore, Switzerland Drops Further
Meanwhile, the table topper in the fourth quarter of 2021, Singapore has dropped further. The country now sits at the fourth position due to its strictness against third-party advertisements of Virtual assets service providers. Consequently, diminishing Singapore’s high-flying ranking to the fourth position.
Worth noting, that the country still retained its position due to its favorable stand towards investors and Initial Coin Offering. Just like Singapore, Australia placed second to Singapore in the second fourth of 2021.
Now, the country has dropped into the Fifth position. However, this isn’t the consequence of any harsh policy against the industry. Reportedly, the results manifested as a result of other notable development that took place in other rivaling countries.
Notably, Coincub is a firm that provides information and Data for Investors based on countries’ rankings. Speaking on the latest report, the CEO of Coincub, Sergiu Hamza revealed the criteria for the ranking.
According to him, the countries are rated based on investments, policies, and strategies for the industry. As indicated, the recent result is influenced by market analysis and the recent market situation.
“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,” Hamza noted.