Germany has dominated the list of most crypto-friendly countries and ranked at first place, and is now the most crypto-friendly country in the world. Germany has taken over the place that Singapore retained for its friendly and favorable law and regulation toward crypto.
Germany stayed at 4th place, with Singapore at the top in Q4 2021. The report published by Coincub raised the Germany rating to AA for Q1 2022. This pushed them to number one. Let’s now look at what factors influenced the score for Singapore and Germany.
German magazine Capital reported that the country’s banks held more than 1 trillion Euros and sought to offer a wallet for cryptocurrency trading. According to Coincub, this decision proved to be a remarkable move and helped drive crypto acceptance by major institutions.
Although Singapore does not have a strong stance against crypto, they have lost points for some of its actions. The Monetary Authority of Singapore has recently taken legal action on services providers dealing in crypto and virtual assets.
The companies dealing in crypto can no longer run advertisements on websites other than their own. This makes it extremely difficult for companies to reach a wider audience and acquire more customers.
Germany currently has the most Bitcoin nodes and has a positive attitude toward crypto trading and investment. Out of 39 countries, Germany is the highest placed in the report. The country was a respectable 4th place on the list before this. The country’s banks are also planning on offering crypto services and wallets.
The Global Crypto Ranking report, published by Coincub, has taken many factors into consideration while ranking the crypto-friendly nations. These factors include Government regulations, Crypto Taxation, Financial services, Proliferation and trading, among the criteria used to create the ranking. The US ranked at number 3 while Australia and EL Salvador captured 4th and 5th place, respectively.