- 4 August 2022
- Posted by: Cryptovalues
- Category: Cryptovalues News, World News
Germany and the United States are tied for the most crypto-friendly countries, according to Coincub. The ranking refers to the second quarter of this year.
Interestingly, last quarter Germany held the podium alone, with Singapore in second place. Third was the USA, followed by Australia and Switzerland.
Among the reasons for the first place were the numerous investments in cryptocurrencies and the zero tax policy on long-term capital gains from cryptocurrencies, as well as the Association of German Savings Banks – a network of 400 savings banks in German-speaking countries – which has started to develop fintech blockchain applications to allow customers to buy and sell cryptocurrencies.
The US’s growth in the second quarter stems from Biden’s push for better regulation of cryptocurrencies, along with the creation of anti-money laundering laws, but more importantly, from Fidelity’s moves.
The pension and investment giant announced in April that it would enter the cryptocurrency sector to be included in the portfolios of their pension funds. An innovative decision similar to that taken by the German Sparkasse.
Switzerland climbed to third place thanks to progressive legislation and a high volume of exchanges, as well as the decision by the canton of Lugano to use bitcoin as a ‘de facto’ legal tender.
Singapore is in fourth place after being first in the last quarter of 2021. It is still a key player in the crypto sector due to its high concentration of cryptocurrency holders and ICOs, but the decline is due to restrictions on third-party advertising by virtual asset service providers (VASPs).
Australia in Q2 2022 dropped to fifth place because ‘simply’ according to Coincub Country was overtaken.
For the next quarter, it is possible that the top spot will remain with the Germans as the score could receive a boost as a result of the EU’s new regulatory framework for cryptocurrencies, entitled Markets in Crypto-Assets (MiCA).”