According to Coincub research, the top three crypto-friendly countries are Germany, Singapore, and the United States.
According to a survey conducted by the digital asset exchange aggregator Coincub, Germany is the most crypto-friendly country for the first quarter of 2022. Singapore, the previous leader, is now in second place, with the United States in third place.
Germany Is Becoming a Crypto Hub
Coincub noted that the top digital asset-welcoming nations’ rankings have shifted in recent months. “Germany’s adoption of cryptocurrencies and revolutionary move to enable crypto investments propelled it to first spot in Q1 2022,” the business added.
Sparkasse’s (Germany’s largest financial firm) aim to offer digital asset prospects to its almost 50 million consumers is an illustration of the country’s recent pro-crypto attitude.
Singapore, the leader from Q4, 2021, is now second, while the world’s largest economy, the United States, is third. The top five are completed by Australia and Switzerland.
Sergiu Hamza, CEO of Coincub, stated that his organization strives to provide the most accurate depiction of recent crypto movements. It employs a scoring algorithm to score key criteria such as fraud incidents, talent (the availability of digital asset courses from top colleges), and the number of ICOs in each region.
“As events develop, we go beyond legislation or pure numbers and introduce new dimensions that are crucial for defining a country’s “crypto friendliness” or maturity,” he added.
Other countries that have improved their crypto-friendliness profile include the Netherlands, France, and Spain. Coincub stated that they have risen because they all have a good attitude toward the sector. Furthermore, the number of crypto transactions increased, as did the establishment of blockchain firms.
Switzerland was also ranked among the top ten. This was spurred mostly by news that its southern city, Lugano, is prepared to adopt bitcoin as legal cash.
Portugal: The Big Gap
It is worth mentioning that one of Europe’s most crypto-friendly countries, Portugal, was not included in Coincub’s top ten list.
The government of the Iberian country does not levy taxes on digital asset trading since it regards bitcoin and altcoins as currency rather than assets. As a result, numerous Ukrainian refugees fled to Portugal from their nation.
This year, one of the country’s largest electricity suppliers, Luzboa, accepted bitcoin as a payment mechanism, and last week, the regulatory body of the Portuguese island Madeira revealed similar plans.