It’s been a fantastic three months for cryptocurrencies, with nations changing, adapting, and accommodating their stances on the phenomenon. The Coincub report attempts to represent these changes each quarter by identifying and categorising changes within each nation and publicising them in crypto country rankings. According to a research report released on April 13, the top five most crypto-friendly nations in the world in Q1 2022 were Germany, Singapore, the United States, Australia, and Switzerland. Singapore was ranked first in Q4 of 2021, with one of the most vibrant crypto economies in the world, but Germany has since pushed it away and is now number one.
According to Coincub’s research, numerous criteria influenced their decision to give Germany the top spot on their list of 45 countries. Germany is supportive of bitcoin trade and investment. It jumped three spots from 2021 to grab the top spot. Aside from the US, the nation has the most Bitcoin nodes, but with a lower population and GDP, suggesting an even stronger devotion to crypto.
The Coincub Global Crypto Ranking for Q1 2022 is now available after months of hard research. Here’s a brief about the most important developments of report:
- In the first quarter of 2022, Germany was the most crypto-friendly country in the world. The ground-breaking move to include crypto investments in Germany’s massive domestic savings sector suggests a high degree of institutional acceptance and a promising future for crypto in Germany.
- Singapore, which was previously rated number one, fell to second position owing to government efforts to prohibit crypto service advertising by Virtual Asset Service Providers (VASPs) outside of their websites, as well as a crackdown on Bitcoin ATMs.
- The United States ranks third overall, but first in domestic mining.
- El Salvador, step aside – The Canton City of Lugano officially accepts Bitcoin, Tether, and Lugano’s own LVGA Points cryptocurrency as legal money, propelling Switzerland to fifth position in the first quarter of 2022.
- Following its extensive prohibition on selling and mining cryptocurrency, China ranked last in the first quarter of 2022, dealing major damage to the global hashrate.
- The UAE debuted in the rankings at 26th place. The federation is attempting to make up for lost time by setting clear criteria for ICOs as part of an ambitious strategy to become one of the world’s crypto hotspots. Once the UAE has a more defined tax regime, it might be a serious competitor for the top slot.
- Hungary has the most favourable crypto tax policy, with a flat rate of 5% on crypto profits.
- Cyprus, Nigeria, Malta, and El Salvador make out the top five tax-friendly countries.
