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According to a study conducted by the digital asset exchange aggregator – Coincub – Germany is the most crypto-friendly country for Q1,2022. The previous leader – Singapore – holds the second position, while the USA took third place.
Germany Emerges as a Crypto Hub
Coincub noted that the ranking of the top digital asset-welcoming nations has changed over the past several months. “Germany’s acceptance of cryptocurrency and groundbreaking decision to allow crypto investments placed it in the first position for Q1, 2022,” the company stated.
An example of the nation’s recent pro-crypto direction is Sparkasse’s (the largest financial group in Germany) intentions to offer digital asset opportunities to its nearly 50 million clients.
The leader from Q4, 2021, Singapore, is now second, while the world’s leading economy – the USA – is third. Australia and Switzerland round up the top five.
Sergiu Hamza – Coincub’s CEO – explained that his company seeks to give the most accurate picture of the recent crypto trends. It uses a scoring methodology to rate important categories such as fraud cases, talent (the availability of digital asset courses by leading institutions), 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 country’s “crypto friendliness” or maturity,” he added.
Other nations which improved their crypto-friendly profile are the Netherlands, France, and Spain. Coincub said they have risen because they all displayed a positive stance on the industry. In addition, there was a rise in the number of crypto transactions and the creation of blockchain startups.
Switzerland also found its spot among the top 10. This was mainly fueled by the reports that its Southern city – Lugano – is ready to accept bitcoin as legal tender.
Portugal: the Big Missing
It is worth noting that one of the most crypto-friendly nations in Europe – Portugal – was not among Coincub’s top 10 list.
The government of the Iberian country does not apply a tax policy on digital asset trading as it views bitcoin and the altcoins not as assets but as currencies. Consequently, many Ukrainian refugees flocked from their homeland to Portugal.
Last year, one of the leading electricity retailers of the nation – Luzboa – embraced bitcoin as a payment method, while last week, the ruling body of the Portuguese island Madeira announced similar plans.