Germany is the Top Crypto-Friendly Country.
Germany knocks off countries like Singapore to rank as the best crypto-friendly country globally, as per the reports by Coincub.
Coincub’s global crypto ranking gave the label to Germany for Q1 2022.
The innovative decisions taken by the country to include cryptocurrency investments into a massive part of the domestic savings were one of the primary factors for the throne.
The action provided insight into institutional approval and Germany’s elegant crypto future.
Report released by Coincub was prepared by ranking 46 countries by focusing on a wide range of factors, consisting of initial coin offerings, fraud case preventive measures, and crypto courses provided by the organizations in the country.
Germany outranked 46 countries. Germany was ranked at the fourth place last year.
The country has sprinted its way ahead of other nations. Singapore, which was ranked 1st, previously stepped down to the second ranking after the government enforced restrictions on Virtual asset service providers’ crypto services and Bitcoin ATMs.
In terms of domestic mining, the USA ranks first, but overall rating ranks third. Germany aims to stand at the forefront of global crypto adoption, as KuCoin reported last month that 16% of the Germans who fall between the ages of 18 to 60 own or had traded crypto in the previous six months.
A staggering 41% of the investors also look forward to increasing their investments.
Germany is the Top Crypto-Friendly Country
In December, the German magazine Capital reported that the savings bank is seeking to offer a cryptocurrency trading wallet.
The stock market operator in Germany, Deutsche Boerse, has listed over 20 crypto exchange-traded products.
The countries that ranked the least in the previous report seem to be overthrowing their successors.
Countries like Netherlands, France, and Spain have risen from their last positions.
The UAE, which had harsh crypto rules and bans, has started imposing friendlier crypto rules to rank at the 22nd position.
Amongst the countries that rank the least, China’s name flourishes because the country decides to ban crypto trading and mining.
Over the past few months, German stock market operator Deutsche Boerse has also listed more than 20 crypto exchange-traded products (ETPs) on its digital exchange, Xetra. Fund issuers such as WisdomTree, CoinShares, and 21Shares have recently listed products in the country.
Singapore, which previously ranked number one, dropped to second due to government decisions to restrict crypto services advertising and a clampdown on bitcoin ATMs, according to Coincub.
The report noted that the United States ranked third among crypto-friendly countries due in part to its decision to seek more apparent crypto regulation.
President Joe Biden signed an executive order urging government agencies to work together to study the “responsible development” of digital assets.
US Treasury Secretary Janet Yellen echoed those calls in a discussion that MicroStrategy CEO Michael Saylor called “probably the single-most important speech of the 21st century.
” The US also ranked first in mining as the country accounts for about 35% of global hashrate– ahead of second-place Kazakhstan, which totals about 18%.
The United Arab Emirates, which ranked 22, was a new addition following its recent plans to become one of the world’s crypto hotspots.
Dubai last month revealed its first cryptocurrency legislation overseen by a new regulatory agency, and the emirate has recently granted licenses to crypto exchanges FTX and Binance to operate there.
After its widespread ban on trading and mining crypto, China remained at the list’s bottom.
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