Report: Germany Replaces Singapore As ‘Most Crypto-Friendly Country’ in Q1 2022

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A research report published earlier this week states that in Q1 2022 the top five most crypto-friendly countries in the world were Germany, Singapore, United States, Australia, and Switzerland.

According to Coincub’s report, which was published on April 13, there were several factors behind their decision for giving the #1 position in their list of 45 countries to Germany:

Germany takes a positive stance on cryptocurrency trading and investment. It moved up 3 places from 2021 to take the top spot. Germany is already one of the world’s most crypto-friendly countries. The country also has the highest number of Bitcoin nodes besides the US, but with a smaller population and GDP demonstrating an even greater commitment to crypto.

There have been several positive developments over the last few months. The Federal Financial Supervisory Authority issued a crypto custody business license for Coinbase’s German arm earlier this year. German stock market operator Deutsche Boerse has also listed more than 20 crypto exchange-traded products on its digital exchange, Xetra. The Sparkasse savings bank looking into offering wallets to trade crypto is a huge step for institutional acceptance.

The report explained that although Singapore was #1 in Q4 2021 and it “remains a crypto and blockchain powerhouse”, it dropped to #2 because of “Monetary Authority of Singapore (MAS) hitting the brakes by issuing firm guidelines that Virtual Asset Service Providers (VASPs) should not be allowed to advertise their services outside of their own websites and thus restricting the use of Bitcoin ATMs.” 

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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Featured Image by “noelsch” via Pixabay

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