Germany and the United States share the loot in the latest quarterly global cryptocurrency rankings released by analysis firm CoinCube.
The two countries now share the top ranking, with Germany replacing the rising US, topping the first quarter rankings for 2022. Their dominance is due to the progressive regulatory environment and major bitcoin (BTC) investments by mainstream institutions.
CoinCube’s ranking rises in nine overall categories, focusing on government, financial services, population, taxation, talent development and industry participants, trade, fraud and environmental potential. The current ranking system introduced new sub-categories such as crypto education courses and initial coin offerings to create a more comprehensive gauge.
Germany’s move to allow its savings industry to use crypto investments and the zero-tax policy on capital gains of bitcoin and ether (ETH) lasted more than a year, reaching the top of its first ranking. was a major reason. year.
The US moved up from third to share the top rank in March 2022 driven by President Joe Biden’s executive order on ensuring responsible development of digital assets. The directive aims to guarantee responsible development of the space, provide consumer protection and financial stability, and combat illegal activity.
Coincube also cited global investment firm Fidelity’s decision in April 2022 to include bitcoin exposure as part of select US pension funds as a key role in the country’s crypto rankings. The parallels were drawn by German financial services firm Sparkasse to enable its 50 million users to buy bitcoin directly from their bank accounts.
Switzerland ranks third in the global crypto rankings, driven by the most recent development in the country, with the Canton of Lugano recognizing bitcoin as legal tender. This allowed citizens of the region to make daily payments using BTC, including taxes and municipal accounts and services.
More than 1000 blockchain and virtual asset service providers (VASPs) call Switzerland home, and the country ranks high for the number of bitcoin nodes and ATMs. VASPs must be licensed by the Swiss Financial Market Supervisory Authority (FINMA) and comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) policies.
RELATED: New Crypto Owners Almost Double In 2021 In 3 Key Sectors: Report
Singapore is ranked fourth after the second quarter in 2022, falling from its top position at the end of 2021 due to recent regulatory tightening by the country’s financial regulator and central bank.
Australia rounded off the top five of CoinCube’s crypto rankings, with the firm highlighting initial coin offerings, exchanges and transaction volume, as well as a number of universities offering blockchain and crypto educational courses.
CoinCube’s rankings combine quantitative data with qualitative elements such as government legislation and institutional attitudes towards cryptocurrencies, including trading or mining volume. Their report provides a consolidated view of the country’s stance by combining qualitative information and quantitative data.
