- After growing institutional adoption, Germany moves 3 spots to become the most friendly crypto nation.
- Due to the recent clampdown on crypto ads and Bitcoin ATMs, Singapore falls back.
- More Countries are warming up to crypto as an independent region in Switzerland adopts Bitcoin as legal tender.
Germany has pushed past Singapore and the US to hold the top spot as the world’s most crypto-friendly nation. The report is according to Coincub’s 2022 Q1 International Crypto Ranking Guide.
Traditional Savings Institutions Open Their Doors To Crypto In Germany
According to Coincub, Germany is now the most crypto-friendly country globally. A significant feat and a possible glimmer of hope, considering current crypto regulatory uncertainty in the EU. The European powerhouse moved from 4th in Q4 of 2021 to 1st in Q1 of 2022, toppling former first-place holder Singapore.
The growing institutional adoption of crypto and the country’s progressive taxation of the developing market are cited as reasons behind its rise in the latest rankings. German institutions have accepted crypto as a viable long-term investment for savers. This is a stance reflected by the fact that a group of traditional savings banks known as Sparkasse is currently working towards providing crypto transaction capabilities and custody for users. The move would mean its 50 million customer base would be able to trade and hold their Bitcoin with the institution.
Singapore, which currently holds the 2nd spot, has dropped in the rankings due to recent government clampdowns on crypto advertising and Bitcoin ATMs. On the other hand, the US, currently ranked 3rd, is a force to be reckoned with in terms of pure numbers, leading in trading volume, domestic mining, and Bitcoin ATMs. However, these were not enough to see it secure the top spot. Explaining the rationale behind the rankings, Coincub CEO Sergiu Hamza said:
“We look to give the most accurate picture of crypto worldwide, and to that end, our ranking is always evolving. In Q1 2022, our scoring methodology better reflects the importance of some categories over others, and we have also added new categories including Talent (the availability of crypto courses by leading institutions) Fraud, and numbers of ICOs within each country. As events develop, we go beyond legislation or pure numbers and introduce new dimensions that are crucial for defining a countries ‘crypto friendliness’ or maturity.”
Coincub’s ranking correlates with data released from KuCoin on the growing adoption and interest in crypto in Germany. As reported by ZyCrypto, 7.5 million Germans are already investing in the crypto market, with 6.1 million others showing interest. KuCoin’s data also revealed that most German crypto investors were in for the long haul and mostly interested in passive income.
Other Countries Making Huge Leaps And Warming Up To Crypto
Coincub’s latest rankings also show that other countries are significantly warming up to crypto. The Netherlands, France, and Spain all moved more than seven spots in the ranking. All 3 countries have shown growth in crypto transaction volumes and the proliferation of blockchain startups due to progressive regulations.
Another worthy mention is Switzerland, ranked 5th by Coincub after moving 8 spots from the last quarter. The country’s independent Canton City of Lugano has followed El Salvador’s steps by adopting Bitcoin as legal tender.