Germany ranked as friendliest crypto country in the world

What 

Germany has knocked Singapore off its perch as the most friendly crypto country globally, according to findings in the Coincub crypto-friendly ranking guide, released every quarter

Why 

One of the main reasons for the European nation claiming the top spot is a recent decision by Sparkasse bank to introduce crypto investments to its 50 million clients 

What next 

The Netherlands, France, Spain and Switzerland have also shot up the rankings thanks to vibrant crypto economies and high numbers of crypto transactions in these regions 

The story 

Germany’s favourable crypto tax laws and general acceptance of cryptocurrency activity inside its borders saw the nation atop the Coincub crypto friendly ranking guide for Q1 of 2022. Singapore, the US, Australia, and Switzerland rounded out the top five. 

“Germany is already one of the world’s most crypto-friendly countries,” Coincub noted in its report. “The country also has the highest number of Bitcoin nodes besides the US, but with a smaller population and GDP demonstrating an even greater commitment to crypto.”

Other positive crypto developments include the German stock market operator Deutsche Boerse listing more than 20 crypto exchange-traded products on its digital exchange. The Sparkasse savings bank is also considering offering cryptocurrency wallets to its clients. 

“Outright bans can drop a country rapidly down, and steady and positive legislation can move countries upwards,” Coincub explained. “Countries that offer clearer taxation guidelines can make crypto trading more accessible and safer.” 

China ranked as the least favourable place to conduct cryptocurrency affairs, finishing last in 45th place. 

Come to terms with the ins and outs of Bitcoin and other cryptocurrencies in our learning portal.

Did you find this useful?
29
1