Germany is hot in the crypto world. The Central European country removed Singapore from the top spot as the friendliest crypto country. This is according to the Coincube crypto-friendly ranking guide.
Germany and crypto investment
There are a few reasons Germany ranks number one in the latest study. The number of bitcoin nodes in Germany is second only to the United States. Germany’s policy towards crypto taxes is progressive. This is even when other major economies are taken into account.
The country’s acceptance of the cryptocurrency is widespread. And, they made an important decision to let crypto investing be a part of their huge household savings industry.
Germany has a unique institutional stance on crypto. It accepts cryptocurrencies as a long-term investment for savers. Germany’s largest savings institution is a collective called SPARKSE which is made up of smaller banks. It is about to offer crypto transactions to its 50 million members, giving them the ability to trade and store bitcoin. Sparkasse is also looking into introducing its own cryptocurrency wallet.
Coincube says, “Offering such a broad customer base for digital currency transactions by an established mainstream financial institution is a powerful move that puts Germany ahead of any other economy. Custody to promote cryptocurrency adoption.” Questions of identity and fraud have disrupted the policies of many countries. No further authentication would be required to potential investors within the bank to open a crypto wallet.”
the rest of the world
Singapore used to be number one. They are now in second place. USA is third, Australia fourth, Switzerland fifth.
Coincube says, “In terms of numbers, the United States is still a crypto powerhouse with the highest volume of crypto trading, nodes, and bitcoin ATMs. It is currently ranked at number three. In the Coincube ranking, however, bitcoin trading volume or bitcoin ATMs are weighted with respect to comparative data, such as GDP or population size, to give a more balanced account.
It’s been three months since the last guide was issued by Coincub.com. Bitcoin, of course, dropped from under $35k in January, recovering to $47k by March.
Inflation is destabilizing world markets, as is its invasion of Russia and Ukraine.
other risers
Singapore is still considered a powerhouse crypto economy. It remains the darling of crypto investors. And yet – the government has prohibited crypto advertising by Virtual Asset Service Providers (VASPs) outside their websites. The new restrictions on bitcoin ATMs have caused the country to lose the number one spot.
In the three months since the last report, there have been other interesting movements. Hong Kong jumped from 35th place last year to number six. This is due to the boom in crypto-based courses at leading institutions. Also Hong Kong has a high number of bitcoin nodes. And it has several blockchain organizations.
The Netherlands, France and Spain have all worked their way up the charts. This is due to the high number of blockchain start-ups, positive regulation and crypto transactions.
Switzerland jumped eight places. An Italian-speaking region inside Switzerland, called the independent canton of Lugano, now recognizes bitcoin as legal tender. El Salvador is the second country to declare bitcoin as legal tender.
Other countries to top the chart are Romania and Japan. China is still at the bottom. This is due to the ban on crypto trading and mining.
crypto around the world
Sergiu Hamza is the CEO of Coincube. “We want to give the most accurate picture of crypto around the world, and our rankings for this are ever-evolving. In Q1 2022, our scoring methodology better reflects the importance of some categories than others, and we have developed talent. (Availability of crypto courses by leading institutions) New categories have also been added, including fraud and the number of ICOs within each country. As events develop, we go beyond the law or pure numbers and introduce new dimensions that can help any individual. are important to define a country’s ‘crypto-friendliness’ or maturity.”
See the rest of the rankings here.
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