Germany and USA Named Most Crypto-Friendly Countries
According to a quarterly report by Coincub, Germany and the United States are ranked as the world’s most crypto-friendly countries in Q2 2022.
Germany and the United States topped the ranking of the most crypto-friendly economies in Q2 this year. This is shown by the research of the analytical company Coincub.
Coincub analysts considered some critical factors for crypto adoption initiatives when compiling the rankings based on points scoring. Here are nine main criteria:
- government initiatives;
- availability of financial services;
- public acceptance and awareness of cryptocurrencies;
- number of professionals in the industry;
- trading turnover of local crypto exchanges;
- fraudulent market manipulation;
- environmental regulations;
- number of ICOs.
Notably, according to a similar study in Q1 2022, the U.S. was only third in the global ranking after Germany, which retains its lead, and Singapore. The main driver of the country’s growth in the ranking was Joe Biden’s executive order on digital asset development, designed to ensure consumer protection and financial stability. Coincub analysts also emphasize that the Fidelity platform initiative, which allows retirement savings funds to invest up to 20% in BTC, was another positive factor for the U.S. position growth in the global crypto rating.
Meanwhile, Germany continues to lead the ranking thanks to its zero-tax policy for crypto holders. In Germany, transactions to sell BTC or ETH over 12 months after their purchase are not subject to income taxes.
According to Coincub, the top five in Q2 of this year also included:
- Singapore. The country dropped from second to third place in the ranking due to stricter oversight of cryptocurrency projects, which was recently announced by Sopnendu Mohanty, Director of the Monetary Authority of Singapore (MAS).
- Australia. The fourth place in the ranking went to this country because of the large number of ICOs, activity on cryptocurrency exchanges, as well as the introduction of new educational programs to study blockchain technology and cryptocurrencies.
- Switzerland. The state closes the top five thanks to a joint project named Plan ₿ initiated by the Lugano city administration and Tether. They announced plans to legalize BTC and several other cryptocurrencies as official means of payment.
One of the most unfriendly countries in the world to the crypto industry was China, which dropped six more positions in the ranking in Q2 2022. Thus, despite the active development of the e-CNY, the state digital currency (CBDC), China remains one of the most crypto-hostile jurisdictions.