Germany Ranked as the Most Crypto-Friendly Economy
After months of intensive research, the Coincub Global Crypto Ranking is out for Q1 2022 with several surprising developments. The ranking is now in its second year and has been cited in over 1000 news outlets around the world, including Forbes or Fortune and some crypto industry leaders like CoinTelegraph and CoinMarketCap.
The ranking is the most in-depth overview of global crypto acceptance available on the internet. Coincub takes 36 criteria into account when tabulating the ratings. Many rankings rely entirely on quantitative data without looking at more qualitative aspects. A country that scores highly in one parameter but none of the others is not going to get a high score.
So what are the main takeaways from the Coincub Q1 2022 rankings? First things first, the most crypto-friendly country in the world is Germany. The country’s groundbreaking decision to make crypto investments part of its huge domestic savings industry signals institutional acceptance at a high level and a bright future for crypto.
At the end of 2021, Singapore was ranked first. In 2022, it dropped to second place due to government decisions to restrict crypto services advertising by Virtual Asset Service Providers (VASPs) outside of their websites and a clampdown on Bitcoin ATMs.The USA takes third place but ranks first in domestic mining.
El Salvador’s decision to make Bitcoin legal tender sent seismic shifts through the crypto space. In March, the Swiss city of Lugano joined the ranks by electing to officially recognize Bitcoin, Tether, and their own LVGA Points token. This development, coupled with extensive crypto infrastructure nets Switzerland 5th place in the ranking.
There were a few newcomers to the ranking this quarter. The UAE notably made its debut in 26th place. The federation is trying to make up for lost time with an ambitious plan to become one of the world’s crypto hotspots, starting with clear guidelines for ICOs. Once the UAE develops a clearer tax framework it could be a major contender for the top spot.
There are two things guaranteed in life. If you’re reading this, you probably aren’t dead, but you are concerned with taxes. Hungary has the most advantageous crypto tax regime, with a flat-rate tax on crypto gains of just 15%, applicable only when crypto is converted to flat currency. Cyprus, Nigeria, Malta, and El Salvador round out the top five countries with the most favorable tax rates after that
Finally, keep your eyes on the Metaverse — Crypto analysis platform Coincub and artist collective PLEIX are releasing the Metacubs — a charitable NFT collection. If you want more information on the state of the global crypto economy (or if you just want to see who took last place) you can find the full Q1 2022 Coincub Crypto Ranking here: