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Crypto-friendly

Germany Emerges as Most Crypto-Friendly Nation as New Rankings are Unveiled

Recent publications from Coincub have revealed its latest Global Crypto Ranking, and Germany, surprisingly, emerges to claim first prize. Germany snatched the crypto ranking top spot from Singapore following the quarterly published report.

The exchange aggregator mentioned Germany’s positive attitude towards cryptocurrency trading and investment as one of the reasons why the country climbed three places up the pecking order from the previous year. Germany reported owning more Bitcoin nodes per capita than the US and has seen several positive developments in recent months:

  • The Federal Financial Supervisory Authority issued a crypto custody business license for Coinbase’s German arm earlier this year.
  • German stock market operator Deutsche Boerse listed more than 20 crypto exchange-traded products on its digital exchange, Xetra.
  • The Sparkasse savings bank is looking into offering wallets to trade crypto.

Previous leader Singapore lost its crown following the Monetary Authority of Singapore clamping down restrictions on virtual asset service providers, which resulted in fewer operational Bitcoin ATMs across the country.

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The US and Australia also came third and fourth, respectively, with Coincub praising the two countries for their endeavors to regulate rather than prohibit the use of cryptocurrencies. Notably, Switzerland completed the top five. The Swiss country proceeds in its commitment to technological innovation, by evidently including ETH in the crypto asset service of BBVA Switzerland and also declaring Bitcoin as legal tender in the city of Lugano.

Further rankings in the report disclosed the top five countries that offer the most advantage in terms of crypto tax regimes and the top five Bitcoin mining countries.

According to Coincub, the most crypto-friendly tax regimes can be found in:

  1. Hungary: a flat-rate tax of 15%.
  2. Cyprus: 12.5% taxes for residents.
  3. Nigeria: a standard tax rate of 20%
  4. Malta: tax rates between 5% and 35%
  5. El Salvador: no taxes

The top five mining countries ranked by hash rate are:

  1. USA
  2. Kazakhstan
  3. Russia
  4. Canada
  5. Ireland

However, ranked by GDP, Kazakh Bitcoin mining is by far the strongest.

Notably, the ranking comprises several factors including government regulation, financial services in crypto, tax regimes, crypto education, crypto prominence in the country, trading volumes, the level of crypto fraud, and environmental protection.

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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