The world’s most crypto friendly country’s title goes to the USA and Germany. The latest Q2 rankings show the top spot being shared by these two nations.
This is with regards to the new increasingly progressive regulations and more institutional involvement in both countries.
In Q1 2022, Germany held the first position due to its unquestionable decision to allow Bitcoin investments in one of its largest savings institutions, Sparkasse, which meant that its 50 million users could buy Bitcoin directly from their bank accounts.
Germany’s dominance in crypto rankings is highly favoured by their progressive crypto legislation. Additionally the country has a high amount of crypto holders and Bitcoin nodes. With the new regulation from the EU for crypto kicking in, Germany has more room to raise its score.
Also read: Germany Issues Nationwide Taxation Rules for Crypto
However, on the other hand USA finished at 3rd spot in Q1 crypto rankings 2022, although it managed to surpass European nations. President Biden’s critical steps to bring cryptocurrency regulation into line across the USA has strengthened the country’s crypto industry. The aims were directed to keep the sector in check,ensure financial stability, reduce illegal activities and for investor protection.
The USA’s move to the top spot got a major boost due to its collaboration with investment giant Fidelity, as the firm included Bitcoin in American pension funds and expectedly, that created massive exposure.
Switzerland stands at the third place, majorly due to their progressive legislation and high trading volumes and Canton of Lugano’s decision to use bitcoin as de facto legal tender which makes bitcoin used for everything.
Singapore took the 4th place, the crypto giants are in the top five due to the high concentration of crypto holders and ICOs. The 5th spot was sealed by Australia, which has accounted for a high number of initial coin offerings (ICOs).
