Germany and US joint top contenders in crypto rankings

Top five crypto nations also include Switzerland in third, Singapore fourth and Australia fifth

A desk of German airline Lufthansa is decorated with flags of Germany and the US                                 
The United States managed to catch up with Germany in the crypto rankings thanks to President Joe Biden’s executive order – Photo: Getty Images
                                

Germany and the United States have come joint top in the latest crypto rankings for Q2 2022, according to research by crypto exchange aggregator Coincub.

For the first quarter of this year, Germany was ranked first, however, the US has now risen to share this spot with the European country.

Part of the reason why Germany was first at the start of 2022 was due to the fact German savings institution Sparkasse started to allow Bitcoin (BTC) investments.

However, the United States has caught up up with the help of President Joe Biden’s executive order, pushing for better crypto regulation and anti money laundering (AML) laws. Additionally, it was bolstered by investment giant Fidelity International’s decision to allow crypto to form part of its US pension funds portfolios.

Coincub said it believed Germany may retake its top spot in Q3 due to the European Union’s (EU) upcoming new regulatory framework for crypto, the Markets in Crypto-Assets (MiCA) Regulation.

Switzerland, Singapore and Australia 

Switzerland moved into third place with the help of progressive legislation, high trading volumes and the city of Lugano making BTC and Tether (USDT) legal tender. Residents of Lugano can now pay taxes and public service fees in BTC and USDT.

Singapore came fourth, whereas in Q4 2021 it was ranked first. Singapore was still seen as a “crypto powerhouse” by Coincub, but the crypto exchange aggregator said restrictions placed on third-party advertising of virtual asset service providers (VASPs) had lowered Singapore’s score.

Australia came fifth, again after ranking higher in second place to Singapore in Q4 2021. The country has not had any “regressive policies”, said Coincub, but it has simply been overtaken by other countries.

Governmental action crucial to boosting a country’s crypto economy

Sergiu Hamza, CEO of Coincub, said: “In the quarterly rankings, all governmental moves to legitimise crypto investment, safeguard consumers, and consolidate strategy boost a country's crypto economy and score highly within our ranking criteria."

In order to obtain these results, Coincub compiled data on government policies toward cryptocurrency, current legislation, taxes, investments, blockchain education courses, crypto start-ups, and the status of central bank digital currencies (CBDCs).

Coincub stated: “These criteria provide a comprehensive account of the crypto economy and blockchain acceptance within any country.”

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