Germany and the United States share the top spot in the global crypto ranking: report

Germany and the United States shared the exchange in the latest quarterly global cryptocurrency rankings published by the research firm Coincub.

The two countries now share the top rankings, with Germany making room for the rising US, after topping the rankings in the first quarter of 2022. Their dominance is due to progressive regulatory environments and large Bitcoin (BTC) investments from mainstream institutions.

Coincub’s rankings score points across nine overarching categories, focusing on government, financial services, population, tax, talent development and industry participants, trade, fraud and environmental potential. The current ranking system introduced new subcategories such as crypto education courses and introductory coin offerings to create a more comprehensive meter.

Germany’s move to allow its savings industry to use crypto investments and take advantage of a zero tax policy on capital gains of Bitcoin and Ether (ETH) held for more than a year was a key reason for its rise to the top of the rankings earlier this. year.

The United States moved up from third place to share the top ranking, driven by President Joe Biden’s executive order to ensure responsible development of digital assets in March 2022. The directive aims to guarantee responsible space development, provide consumer protection and financial stability, and combat illegal activity .

Coincub also cited the global investment company Fidelity’s decision to include Bitcoin exposure as part of selected US pension funds in April 2022 as a key role in the country’s rise in cryptocurrency rankings. Parallels were drawn with a move from the German financial company Sparkasse to enable its 50 million users to buy Bitcoin directly from their bank accounts.

Switzerland is in third place in the global cryptocurrency ranking, driven by the latest developments in the country where the canton of Lugano recognized Bitcoin as a legal tender. This allowed residents of the area to make daily payments using BTC, including taxes and municipal accounts and services.

More than 1,000 blockchain and virtual asset service providers (VASPs) are calling Switzerland home, and the country ranks high for its number of Bitcoin nodes and ATMs. VASPs must be licensed by the Swiss Financial Markets Authority (FINMA) and comply with the Anti-Money Laundering (AML) and Know Your Customer (KYC) guidelines.

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Singapore is ranked fourth after Q2 in 2022, after falling from its top position at the end of 2021 due to recent regulatory tightening by the country’s financial regulator and central bank.

Australia rounds out the top five of Coincub’s crypto rankings, with the company highlighting a high number of introductory coin offerings, exchanges and transaction volumes, as well as a number of universities offering blockchain and crypto education courses.

Coincub’s rankings combine quantitative data including trading or mining volume with qualitative elements such as government legislation and institutional attitudes towards cryptocurrencies. Their reports seem to provide a consolidated view of a country’s position by merging qualitative information and quantitative data.