Germany’s crypto sector came out on top in Q3 2022 in a ranking of crypto-friendly jurisdictions.
Germany was ranked first in Coincub’s quarterly ranking of cryptocurrency economies based on a combination of factors. Among the main factors creating a favorable environment for crypto sector development in the country, analysts highlight the savings and tax policy towards long-term crypto investment. Due to the conditions created, some of the country’s largest and most respected financial institutions are involved in developing the cryptocurrency sector in Germany.
Switzerland comes in second place with a minimal gap in the ranking. The country also has a suitable tax and legal environment for digital asset sector development. Switzerland boasts the world’s largest concentration of leading crypto companies and blockchain organizations. The country’s position in the ranking is also influenced by joint experiments with Tether to introduce Bitcoin as a legal tender in Lugano.
Australia ranked third, and the UAE took fourth place. The U.S. shares the top spot with Germany in Q2, but drops to seventh place, missing out on Singapore and Malaysia. Hong Kong, the Bahamas, and Taiwan round out the top ten most crypto-friendly jurisdictions.
Coincub’s ranking considers factors such as taxation features, regulatory norms, investment prospects in the crypto sector, the overall crypto adoption rate and the percentage of the local population involved in this sphere, cybercrime activity, environmental impact, and others. Interestingly, in a similar Forex ranking published in early August, Hong Kong came in first place, with Switzerland in third and Germany in nineteenth place.
