Germany Takes The Top Spot In The Latest Q1 International Crypto Ranking Guide For 2022
Germany knocks Singapore off the top spot in the new Coincub crypto-friendly ranking guide for Q1 2022. Germany’s acceptance of cryptocurrency and groundbreaking decision to allow crypto investments to form part of its huge domestic savings industry gets it to the top spot along with other key data. Singapore, formerly at number one in the Q4 ranking for 2021 drops to second place. The USA takes third place, Australia fourth, and Switzerland rounds out the top five.
It’s been a dramatic three months since coincub.com published its last crypto ranking guide for Q4 2021. Bitcoin dropped to just under 35k USD on 22/01/22, recovering to 47k USD on 30/03/22. The Ukraine conflict and skyrocketing inflation destabilized markets across the world. Singapore, a powerhouse crypto-economy, still retains its attractiveness to crypto investors. However, government decisions to restrict crypto services advertising by Virtual Asset Service Providers (VASPs) outside of their websites, and a clampdown on Bitcoin ATMs saw the country lose its top spot.
Coincub CEO, Sergiu Hamza, explains: “We look to give the most accurate picture of crypto worldwide, and to that end our ranking is always evolving. In Q1 2022, our scoring methodology better reflects the importance of some categories over others, and we have also added new categories including Talent (the availability of crypto courses by leading institutions) Fraud and numbers of ICOs within each country. As events develop, we go beyond legislation or pure numbers and introduce new dimensions that are crucial for defining a countries ‘crypto friendliness’ or maturity.”
Germany now leads Coincub’s top crypto-friendly economies. Germany’s number of Bitcoin nodes is second only to the USA, and its policy towards crypto taxation is progressive even when compared to other leading economies. Germany’s rise to the top is fueled by its unique institutional stance on crypto as a long-term investment for savers, something which most countries have yet to imitate. Germany’s largest savings institution – an agglomeration of individual savings banks known collectively as Sparkasse – is on the verge of opening access to crypto transactions, effectively giving some 50 million customers the ability to buy, sell and store Bitcoin. Sparkasse is also investigating the ability to provide crypto custodial services to its customers through the creation of a cryptocurrency wallet.
Offering such a wide customer base access to digital currency transactions by an established mainstream financial institution is a mighty step forward that puts Germany ahead of any other economy. Questions of custody, identity, and fraud have hampered many countries’ policies toward promoting crypto adoption. Potential investors within the bank will not need further authentication for opening a crypto wallet.
Hong Kong rises and Lugano declares Bitcoin legal tender.
There have been other significant movements in the Coincub ranking over the last three months. The Netherlands, France, and Spain have all risen in rank thanks to high numbers of crypto transactions, blockchain start-ups, and positive regulation. In Switzerland, rising eight positions, the independent Canton of Lugano now openly recognizes Bitcoin as legal tender. The only other country to do this is, of course, El Salvador. Hong Kong also rises to number six from a low spot of 35 last year due to the proliferation of crypto-based courses at leading institutions, high numbers of Bitcoin nodes, and numerous blockchain organizations.
In terms of sheer numbers, the USA is still a crypto powerhouse with the highest volumes of crypto trading, nodes, and Bitcoin ATMs. It currently ranks at number three. In the Coincub rankings, however, Bitcoin trading volumes or Bitcoin ATMs are weighted in relation to comparative data, such as GDP or population size to give a more balanced account. Other positive changes in the ranking include Romania and Japan. China is still rooted to the bottom following its widespread ban on trading and mining crypto.
See the full coincub.com Q1 2022 rankings here.
Coincub.com offers bespoke information, guidance, and analysis on the workings of the crypto economy for both new and experienced crypto investors on a uniquely country-by-country basis. Full country rankings and exchange rates can be found on the website.