Germany retains its number one position as one of the most crypto-friendly nations, according to Coincub. However this time, Germany is sharing the crown with the USA. Switzerland moves up to third place in the latest Q2 rankings for 2022.
The latest report by Coincub might fare better than the last report. Our German team wholeheartedly disagreed with the results. However, Coincub say that Germany still is at the top spot, along with the United States.
“Both Germany and the U.S. scored strongly across multiple metrics. Germany took first place in the 2022 Q1 ranking, driven by the unprecedented decision by savings institution Sparkasse to allow Bitcoin investments. The U.S. has followed hard on its heels, but still hasn’t quite managed to overtake the European nation. Germany’s score might get a boost in Q3 following the EU’s new regulatory framework for crypto, titled Markets in Crypto-Assets (MiCA).”
Germany vs USA
Coincub are working on the assumption that Biden’s push for better cryptocurrency regulation, alongside the creation of anti-money laundering laws, will give the U.S. a boost this quarter.
USA also went up the chart due to moves by Fidelity, a pensions and investment giant, announcing in April that they would take on crypto. Cryptocurrencies will form part of the portfolios of their pension funds.
Coincub said, “This is as groundbreaking an endorsement of Bitcoin, as that by the Sparkasse savings institution in Germany.”
Germany, USA, Switzerland, Singapore, Australia
Switzerland has moved to third place thanks to progressive legislation and high trading volumes. Coincub said, “The Swiss ranking was improved by the Canton of Lugano’s decision to use bitcoin as de facto legal tender. In Lugano, bitcoin can now be used for everything from watches to taxes.”
Singapore is in fourth place. “The city-state took first place in the 2021 Q4 ranking but has since ceded ground to other countries. Singapore is still a crypto powerhouse thanks to a high concentration of crypto holders and ICOs. Restrictions on the third-party advertising of virtual asset service providers (VASPs) have lowered its score.”
Australia in Q2 2022 fell to fifth. Coincub said the country was simply overtaken.
Movements
Sergiu Hamza is the Coincub CEO. “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.”
Coincub claim that their latest rankings have taken into account the recent market falls in crypto prices, plus other data. “These include government policies toward cryptocurrency, current legislation, taxes, investments, blockchain education courses, crypto startups, and the status of CBDCs. These criteria provide a comprehensive account of the crypto economy and blockchain acceptance within any country.”
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