Germany Ranked as the Most Crypto-Friendly Economy -Breaking
According to Coincub’s recent report, Germany was the most crypto-friendly nation on Earth in 2018.
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.
The researchers used quantitative data such as cryptocurrency trading and mining volume, government legislation and the institution stances of central banks and financial sector, taxation and education to establish the ranking.
Acceptance by the Institution
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.
While digital assets in Germany are considered long-term investments by financial institutions, the conglomerate that owns them is on the verge of opening crypto transactions to their customers. This would allow 50 million customers to hold and trade cryptocurrencies if approved.
Comparatively, Germany, Europe’s largest economy, ranked 4th in Coincub’s list last year.
The U.S. The U.S. hash rate for lead mining
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.
- China was unsurprisingly ranked 46th in the list of crypto-friendly nations in Q1 2022, due to strict restrictions regarding mining and trading cryptocurrencies.
- The UAE, which has the lofty ambition of becoming the world’s crypto hotspot, made its debut at 26th. Coincub said that it expected the UAE to climb higher up the rankings depending on whether the UAE implements a clear crypto-tax framework.