Germany and U.S To Lead in Q2 2022 Crypto Ranking

• Germany and the U.S. are tied for the title of the world’s most crypto-friendly country
• Switzerland takes third place.
• Singapore drops to fourth place, and Australia completes the top 5
• The European Union’s MiCA and new U.S. crypto regulation set a global example

Germany is sharing the top spot with the United States in the latest Q2 Coincub crypto rankings for 2022. Both Germany and the U.S. scored strongly across multiple metrics. Germany took first place in the 2022 Q1 ranking, driven by the unprecedented decision by savings institution Sparkasse to allow Bitcoin investments. The U.S. has followed hard on its heels, but still hasn’t quite managed to overtake the European nation. Germany’s score might get a boost in Q3 following the EU’s new regulatory framework for crypto, titled Markets in Crypto-Assets (MiCA).

The Biden administration’s push for better cryptocurrency regulation and anti-money laundering laws give the U.S. an advantage this quarter. Scores were also raised by pensions and investment giant Fidelity announcing in April that crypto would form part of the portfolios of American pension funds. This is as groundbreaking an endorsement of bitcoin as that by the Sparkasse savings institution in Germany.

Moving up into third place is Switzerland, which has steadily risen through the rankings thanks to progressive legislation and high trading volumes. The Swiss ranking was improved by the Canton of Lugano’s decision to use Bitcoin as de facto legal tender. In Lugano, Bitcoin can now be used for everything from watches to taxes.

In fourth place is Singapore. The city-state took first place in the 2021 Q4 ranking but has since ceded ground to other countries. Singapore is still a crypto powerhouse thanks to a high concentration of crypto holders and ICOs. Restrictions on the third-party advertising of virtual asset service providers (VASPs) have lowered its score.

In Q4 2021, Australia was in second place behind Singapore. Q2 2022 saw it fall to fifth place simply by being overtaken, rather than by any adverse policies.

Coincub CEO Sergiu Hamza commented

“In the quarterly rankings, all governmental moves to legitimize crypto investment, safeguard consumers, and consolidate strategy boost a country’s crypto economy and score highly within our ranking criteria.”

Methodology

The Q2 rankings have been calculated with data assembled up to the recent market falls in crypto prices. All Coincub rankings are compiled from wide-ranging data that goes beyond price. These include government policies toward cryptocurrency, current legislation, taxes, investments, blockchain education courses, crypto startups, and the status of CBDCs. These criteria provide a comprehensive account of the crypto economy and blockchain acceptance within any country.