Germany has now become the most cryptocurrency-friendly nation in the world, defeating some of its strongest contenders in the space, such as Singapore and El Salvador. The results were determined by crypto analytics platform Coincub in its Q1 International Crypto Ranking Guide 2022.
Singapore, which was the most crypto-friendly country as of 2021, dropped to second place, whereas the United States and Australia came third and fourth, respectively. In addition, Switzerland, Hong Kong, the Netherlands, and France have also jumped to take the next four places.
The Coincub report determined the ranking of 46 countries on the basis of several factors, such as the regulatory parameters, institutional acceptance, fraud prevention guidelines, educational courses on crypto courses, etc.
“As events develop, we go beyond legislation or pure numbers and introduce new dimensions that are crucial for defining a countries ‘crypto friendliness’ or maturity,” Coincub CEO, Sergiu Hamza, explained in the press release.
Germany, which previously ranked fourth on the list, has jumped three places after seeing a dramatic increase in institutional acceptance resulting from cryptocurrency investment. Meanwhile, Singapore dropped to second place after the government placed restrictions on crypto advertising.
While the USA ranked third in the list, it is still the largest nation in terms of domestic crypto mining.