International rating of cryptocurrency countries for the first quarter of 2022. Germany is the friendliest crypto nation, moving Singapore to second place in the ranking.
Coincub published its global rating of cryptocurrency countries.
As a result of the study, Germany took first place. However, earlier, in the first place was Singapore.
This means that since 2021 Germany has risen in the ranking by three positions.
In truth, Germany’s position regarding cryptocurrency trading and investment is quite positive.
The Federal Financial Supervisory Authority in 2022 has already issued a license to the Coinbase branch in Germany to store cryptocurrency.
In addition, more than 20 cryptocurrency products have already been placed on the Xetra digital exchange.
In turn, Sparkasse has already started looking for opportunities to offer wallets for cryptocurrency trading.
Rating Of Cryptocurrency Countries. Why Did Singapore Drop To Second Place?
The reason for this was the tightening of rules regarding virtual asset service providers in Singapore. As a result, this led to a decrease in the number of Bitcoin ATMs in the country.
The United States is in third place in the ranking. Fourth is Australia.
Switzerland rounded out the top five. By the way, the country is still committed to technological innovation. This is evidenced by the inclusion of ETH in the crypto asset service of BBVA Switzerland. Also, bitcoin was declared legal tender in Lugano.
Further rankings in the report were presented in the top five countries with the most favorable cryptocurrency tax regimes and in the top five countries for bitcoin mining.
According to Coincub, the most cryptocurrency-friendly tax regimes can be found in the following countries:
- Hungary: flat tax rate of 15%;
- Cyprus: 12.5% tax for residents;
- Nigeria: standard tax rate 20%;
- Malta: tax rates from 5% to 35%;
- El Salvador: no taxes.
The top five mining countries in terms of hash rate include the USA, Kazakhstan, Russia, Canada, and Ireland.
However, in terms of GDP, Kazakh Bitcoin mining is by far the strongest.
Findings
The ranking consists of several factors such as government regulation, financial services in cryptocurrencies, tax regimes, education in the field of cryptocurrencies, prominence of cryptocurrencies in the country, trading volumes, rate of crypto fraud and environmental protection.
Of course, Germany, according to the results of the first quarter of 2022, is in the leading position. This indicates the recognition of cryptocurrency at a high level. And undoubtedly, it implies a bright future for the development of the industry in the country. It is worth starting to study this topic deeper.
Read also: What Will The Slowdown In The Growth Of The Bitcoin Hashrate Lead To?
