Global crypto rankings: German and American crypto dominance reported
Coincub's latest quarterly global cryptocurrency rankings show Germany and the United States tied for the top spot. The US and Germany are in the top two spots due to institutional adoption and progressive regulation.
Coincub says, “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."
Despite following closely behind, the United States hasn't managed to overtake Germany. The EU's new crypto regulation, called MiCA, will likely boost Germany's score in Q3 as a result.
In this quarter, the U.S. has benefited from President Biden's goal of improving cryptocurrency regulations and anti-money laundering legislation, both of which have improved this quarter. The announcement in April that American pension funds would include crypto in their portfolios also raised scores.
Germany's savings industry was able to benefit from a zero-tax policy, enabling them to invest in cryptocurrencies over a period of one year, allowing them to take advantage of the benefits associated with a zero-tax policy for capital gains.
The Canton of Lugano's decision to use bitcoin for everything from watches to taxes has helped Switzerland rank higher. By introducing progressive legislation and boosting trading volumes, Coincub said that Swiss rankings have improved.
While Singapore has fallen behind other countries in this year's ranking owing to its restrictive advertising regulations, it's still one of the top crypto hubs thanks to its high crypto holdings and ICOs.
Coincub's ranking is based on recent declines in crypto prices, legislative changes, taxes, investments, blockchain education courses, and crypto startups as well as government policies related to cryptocurrencies.
CBW - External Analyst