Germany dethrones Singapore to become the most crypto-friendly nation

As per the report by Coincub, Germany, which ranked fourth last year, has dethroned Singapore to become the most crypto-friendly nation.

In its first-quarter 2022 report, the firm evaluated 46 nations based on a variety of metrics, including newly added categories like the number of initial coin offerings (ICOs) in each country, the prevalence of fraud cases, and the availability of crypto courses from prominent institutions. The CEO of the company said:

“As events develop, we go beyond legislation or pure numbers and introduce new dimensions that are crucial for defining a country’s crypto friendliness or maturity.”

Germans and crypto

The upgrading comes after crypto exchange KuCoin issued research last month revealing that 16% of Germans aged 18 to 60 own or have traded cryptocurrency in the last six months. In the next six months, 41% of those investors aim to raise their allocations to the space.

The German magazine Capital originally reported in December that the country’s savings banks, which hold over 1 trillion euros in assets, were considering offering a Bitcoin wallet. The decision, according to the Coincub article, is a “groundbreaking” step that suggests further institutional acceptance of cryptocurrency.

Over the last few months, Deutsche Boerse, a German stock exchange, has listed more than 20 crypto exchange-traded products (ETPs) on its digital exchange, Xetra. WisdomTree, CoinShares, and 21Shares are just a few of the fund issuers that have recently listed products in the country.

According to Coincub, Singapore, which had previously rated first, has dropped to the second position as a result of government efforts to ban crypto services advertising and a crackdown on bitcoin ATMs.

The U.S. at the third position

According to the study, the United States rated third among crypto-friendly countries, owing to its decision to pursue clearer crypto legislation. However, it ranked first in mining, with roughly 35 percent of global hashrate – much ahead of Kazakhstan, which sees no benefit in mining but comes in the second spot and accounts for about 18%.

Coming to number 22, the United Arab Emirates is exploring friendly regulations to become one of the world’s crypto hotspots.