It overtook the United States, which ranked first in the second quarter.
By the third quarter of 2022, Germany overtook the United States at the top of the ranking of the most pro-crypto countries in the world. The USA is downgraded to 7th place. France ranks 17th, despite the government’s desire to make the country the main Blockchain hub in Europe.
The benevolence of a country for cryptocurrencies is often summarized or even confused with its advantageous fiscal policy towards digital currencies, or its legalization as a means of payment in the same way as fiduciary currency.
Germany Tops the Ranking
Countries like El Salvador and Portugal are often thought of as the most pro-crypto nations in the world. In the case of the Central American country, it was the first nation to legalize Bitcoin. As for Spain, its zero tax policy towards digital assets sometimes leads us to call it “El Dorado” of Europe.
However, these two criteria are not enough to qualify the benevolence of a country towards the crypto universe.
In its quarterly report on the ranking of the most crypto-friendly countries, Coincub uses a set of 9 criteria to determine the openness of countries. These include: government regulation, financial services, population adoption, taxes, talent, as well as the presence of cryptocurrency initiatives in the economy, trading, fraud, and the environment.
According to Coincub, Germany is currently the most crypto-friendly country, displacing the United States, which topped the rankings in the previous quarter.
The first power in Europe is followed by Switzerland, a nation recognized for its financing, Australia, the United Arab Emirates, and Singapore. Joe Biden’s country, for its part, ranks 7th.
France is in the 17th position with the same score as Canada, Portugal, and Great Britain. El Salvador, despite its investments, legalization, and the desire to create a Bitcoin City, is ranked 25th. The Central African Republic is ranked 55th in the ranking.
Germany: Very Advanced Crypto Ecosystem
Olaf Scholz’s country is one of the few in the world to clarify its position on cryptocurrencies. Therefore, the German government was the first to adopt a Blockchain strategy to exploit the potential of this new technology in the country. In the document, Coincub explained the following:
“Based on a wide range of ranking criteria, Germany has a positive digital currency outlook and is one of the strongest ‘traditional tax’ crypto economies overall, as opposed to pure tax havens, for example.”
The report also highlights that, “Along with Switzerland, it took a positive stance towards crypto from the start, seeking to clarify policies to deal with the phenomenon from the early days, while many other countries have adopted, and still do, a wait-and-see attitude.”
Furthermore, a report by Kucoin indicated earlier this year that 44% of Germans want to invest in cryptocurrencies in the future.
It is worth noting that, according to said report, the European state became “the first country in the world that (had) a clear set of rules applied to cryptocurrencies” in 2013.
Long before this announcement, the German Savings Banks Association reported that its members were working on apps that would allow their customers to buy or sell cryptocurrencies.
By Audy Castaneda
