Germany and the United States shared the spoils in the latest quarterly ranking of cryptocurrencies worldwide published by the analysis company; Coincub.
The two countries now share the first place in the ranking, in which Germany makes room for the rising USA, after topping the ranking for the first quarter of 2022. Its dominance is due to progressive regulatory environments and large investments in Bitcoin (BTC) by traditional institutions.
Coincub’s rankings score points across nine broad categories, focusing on government, financial services, population, tax, talent development and industry participants, commerce, fraud, and environmental potential. The current ranking system introduced new subcategories, such as cryptocurrency education courses and initial coin offerings, to create a more comprehensive indicator.
Germany’s decision to allow its savings sector to use cryptocurrency investments and benefit from a zero tax policy on Bitcoin and Ether capital gains[(ETH)[(ETH) held for over a year was a key reason for its rise to the top of the rankings earlier this year.
The United States went from third place to share the first position, boosted by the executive order by President Joe Biden to ensure the responsible development of digital assets by March 2022. The directive aims to ensure the responsible development of the space, provide consumer protection and financial stability, and combat illicit activity.
Coincub also cited global investment firm Fidelity’s decision to include Bitcoin exposure as part of select US pension funds in April 2022 as playing a pivotal role in the country’s rise in cryptocurrency rankings. Parallels were drawn with the move by German financial services company Sparkasse to allow its 50 million users to buy Bitcoin directly from their bank accounts.
Switzerland ranks third in the world cryptocurrency ranking, boosted by the most recent development in the country, which saw the canton of Lugano recognize Bitcoin as legal tender. This allowed citizens of the area to make everyday payments with BTC, including taxes, bills and municipal services.
More than 1,000 blockchain and virtual asset service providers (VASPs) are based in Switzerland, and the country ranks highly for its number of Bitcoin nodes and ATMs. Virtual service providers must obtain a license from the Swiss Financial Market Supervisory Authority (FINMA) and comply with anti-money laundering and know-your-customer policies.
Singapore is in fourth position after the second quarter of 2022, having fallen from its first position at the end of 2021 due to recent tightening of regulations by the country’s financial regulator and central bank.
Australia completes the top five of the Coincub cryptocurrency ranking, in which the company highlights a high number of initial coin offerings, exchanges and transaction volumes, as well as a number of universities that offer educational courses on blockchain and cryptocurrencies.
Coincub’s rankings combine quantitative data, such as trading or mining volumes, with qualitative elements such as government legislation and institutional attitude towards cryptocurrencies. Their reports aim to offer a consolidated view of a country’s position by amalgamating qualitative information and quantitative data.
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