Germany tops, the USA drops – see the world’s leading crypto economies in the latest coincub.com rankings for Q3 2022.
- Germany holds on to the top crypto spot
- Switzerland moves up to second
- Late starter UAE rises into fourth place
- Singapore stays in the top five
It’s been a tumultuous year – for many reasons – yet despite price volatility and economic uncertainty, the crypto economy is still growing and thriving worldwide as the latest coincub.com crypto rankings testify.
Bitcoin prices have largely stabilized, although not reaching previous highs of last year, and blockchain technology start-ups are growing at an unprecedented rate right across the world.
The newly released rankings for Q3 2022 show that Germany still retains its top spot overall, but the competition is heating up as more countries create appropriate legislation to accommodate digital currencies. Although based on a wide range of ranking criteria, Germany’s early adoption of crypto legislation has been one of its main drivers, acting to accommodate crypto rather than adopting a ‘wait and see approach’ prevalent among a number of leading countries.
As such, Germany is one of the strongest all-around ‘traditional-tax’ crypto economies, along with Switzerland in second place. Nb many traditional ‘tax havens’ are placed within the rankings, the UAE is one of them at number four, but tax concessions alone do not necessarily make for a highly placed crypto ranking (although it helps).
As indicated in earlier quarterly rankings, Germany’s savings policy towards long-term crypto investment, which involves one of its largest and most respected financial institutions, puts it way ahead of other advanced countries in this respect. Positive long-term crypto investment policies also featured strongly in the USA’s top place in Q2, but in Q3 2022 the USA drops down to sixth, owning to crypto taxation policies that are quite onerous and do not offer any particular form of incentive for crypto investors.
This may change following the outcome of a raft of proposals from the Biden administration which have yet to manifest themselves within the crypto economy. That said, the US is a crypto powerhouse, with unparalleled crypto trading volumes, numbers of nodes, and blockchain technology start-ups. The US was also one of the first countries to allow crypto to form part of workplace pensions through investment giant Fidelity.
Switzerland, which rose to the number two spot, offered the somewhat unexpected announcement that the Canton of Lugano would designate Bitcoin as a legal tender. The country is also home to the world’s largest concentration of leading crypto and blockchain organizations in the Crypto Valley. Whilst mainstream economies such as Switzerland, Germany, the US, and the UK, etc, can’t compete with the tax concessions offered by out-and-out tax havens, they have other strengths within the wider crypto and blockchain community that are increasingly apparent.
Australia stays steady, UAE moves up sharply, and Singapore eases
The next three countries are Australia, UAE, and Singapore at three, four, and five respectively. Australia enters the top three and has been a top five country for some time on the strength of all-around data and positive legislation, reasonable taxes, and a government seemingly in favor of creating its own system of digital payments infrastructure. Singapore has a wide uptake of crypto investment among its population but has recently looked to constrain the third-party advertising of VASPS. The UAE has enormous tax advantages, positive legislation and a fast-growing crypto community which makes it rise up on our latest ranking to fourth place. From banning crypto early on, the UAE now has a government striving to become the leading crypto economy in the middle east.
For the full ranking of the top fifty crypto-friendly countries in Q3, 2022 – see 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. Complete country guides and rankings can be found on the website.
Sergiu Hamza – CEO Coincub
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