Germany Dethrone Others to Rank as the Top Crypto-Friendly Country

Vignesh Karunanidhi
Germany Dethrone Others to Rank as the Top Crypto-Friendly Country
Source: CoinMama

Germany knocks off countries like Singapore to rank as the most crypto-friendly country globally, as per the reports by Coincub. Coincub’s global crypto ranking gave the title to Germany for Q1 2022. The innovative decisions taken by the country to include cryptocurrency investments into a massive part of the domestic savings were one of the primary factors for the throne.

The action provided insight into institutional acceptance and Germany’s elegant crypto future. The report released by Coincub was prepared by ranking 46 countries by focusing on a wide range of factors, including initial coin offerings, fraud case preventive measures, and crypto courses provided by the institutions in the country. Etc.

Germany outranked 46 countries

Germany was ranked at the fourth place last year. But the country has sprinted its way ahead of other nations. Singapore, which was ranked 1st, previously stepped down to the second-ranking after the government imposed restrictions on Virtual asset service providers’ crypto services and Bitcoin ATMs.

In terms of domestic mining, the USA ranks first but in terms of overall rating ranks third. It looks like Germany is aiming to stand at the forefront of global crypto adoption, as KuCoin reported last month that 16% of the Germans who fall between the ages of 18 to 60 own or had traded crypto in the last six months. A staggering 41% of the investors also look forward to increasing their investments.

In December, the German magazine Capital reported that the savings bank is seeking to offer a cryptocurrency trading wallet. The stock market operator in Germany, Deutsche Boerse, has listed over 20 crypto exchange-traded products.

The countries that ranked the least in the previous report, seem to be overthrowing their successors. Countries like Netherlands, France, and Spain have risen from their previous positions. UAE which had harsh crypto rules and bans in place has started imposing friendlier crypto rules to rank at the 22nd position.

Amongst the countries that rank the least, China’s name flourishes because of the country’s decision to ban crypto trading and mining.