Germany became the most crypto-friendly country on the planet this year, according to a recent report from Coincub, the crypto analysis platform.
Coincub researched 46 countries, after which it ranked Germany, Singapore, the United States, Australia and Switzerland as the world’s top 5 countries most favorable for digital currencies.
In order to determine the rankings, the researchers used quantitative figures such as crypto trading, mining volumes, as well as government legislation, the institutional stances held by central banks and local financial sectors, taxation, education and even the commitment of ICOs to environmental issues.
Pushed by Institutional Acceptance
According to Coincub’s 2022 ‘Global Crypto Ranking‘ report, Germany jumped to the rose to the top of the list in Q1 due to its higher institutional crypto acceptance and progressive policies towards cryptocurrency taxes.
“The groundbreaking decision to make crypto investments part of its huge domestic savings industry signals institutional acceptance at a high level and a bright future for crypto in Germany,” read the report.
Financial institutions in Germany consider digital assets as a long-term investment for individual savers, while their conglomerate is also on a verge of opening access to crypto transactions. If approved, this would give 50 million clients the ability to trade and hold cryptocurrencies.
Comparatively, Germany, Europe’s largest economy, ranked 4th in Coincub’s list last year.
The U.S. Leads in Bitcoin Mining Hash Rate
One of the most progressive crypto economies, Singapore, which last year led Coincub‘s mining hashrate charts, dropped to second place due to the strict governmental policies against crypto service promotions and restrictions placed on Bitcoin ATMs.
“Singapore, however, remains a crypto and blockchain powerhouse, but at the moment moves down to number two,” the researchers underlined.
In the meantime, the world’s leading economy, the United States, held fast at number three on the list of crypto-friendly economies. Coincub partially attributes this to the U.S.’s clear vision for cryptocurrency regulation, rather than prohibition.
The U.S. is, however, the absolute leader among Bitcoin mining countries, accounting for more than 35% of the world’s total hash rate.
On the Flipside
- China unsurprisingly ranked last (46th) in terms of crypto-friendly countries in Q1 2022 due to its harsh restrictions on the mining and trading of cryptocurrencies.
- The UAE, which has the lofty ambition of becoming the world’s crypto hotspot, made its debut at 26th. Coincub noted that it expects the state to rise further up the rankings in future, dependent on whether or not the UAE issues a clear crypto tax framework.