Germany displaces Singapore as the most crypto-friendly nation —Report

Key Takeaways:

  • Singapore, U.S., Australia, Switzerland make up 2nd to 5th most crypto-friendly nations respectively.
  • U.S. ranks first in domestic mining in the world.
  • Lugano now recognizes Bitcoin, Tether as legal tender.
crypto-friendly nation
Germany has successfully displaced Singapore as the most crypto-friendly nation.

LAGOS ( — Cryptocurrencies are now undeniably part of our life as many multinational corporations are adopting digital assets and nations exploring ways to launch government-controlled digital assets.

However, some countries have embraced the emergence of digital assets better than other countries. A new study has found that in the first quarter of 2022 Germany was the most crypto-friendly nation.

crypto-friendly nation
Global ranking of crypto-friendly nations. Source: Coincub

The research carried out by Coincub, a crypto exchange aggregator disclosed that Germany has successfully displaced Singapore as the most crypto-friendly nation.

Germany’s decision to make cryptocurrency investments part of its domestic savings industry secured it the first position. Throwing more light on Germany’s recent pro-crypto direction is Sparkasse’s decision to offer crypto opportunities to its clients.

Also, German stock market operator Deutsche Boerse listed more than 20 crypto exchange-traded products on its digital exchange, Xetra. Moreover, the Federal Financial Supervisory Authority issued a crypto custody business license for Coinbase’s German arm earlier in 2022.

Singapore sank to the second position as a result of its new decisions to restrict crypto services advertising by Virtual Asset Service Providers (VASPs) outside of their websites and a clampdown on Bitcoin ATMs.

The survey also indicated that Singapore’s policy towards crypto taxation is progressive when compared to other leading economies. Additionally, the United States retains its third place as the world’s most crypto-friendly nation. It is however ranked as the top country in domestic mining.

South Africa, Nigeria Are Africa’s Most crypto-friendly nations

Meanwhile South Africa and Nigeria we’re ranked as the most crypto-friendly nations in Africa. Nigeria’s Central Bank Digital Currency (CBDC) project as well as favorable tax rates place it among the top crypto-friendly countries.

crypto-friendly nation, Germany displaces Singapore as the most crypto-friendly nation —Report
Map of crypto-friendly nations. Source: Coincub

Hong Kong, according to the survey moved up significantly due to the proliferation of crypto-based courses at several learning institutions. The Asian country recently recorded high numbers of Bitcoin nodes and the proliferation of blockchain-based organizations.

Switzerland as a result of Lugano’s moves also made it among the top five crypto-friendly countries. The Canton City of Lugano had earlier adopted Bitcoin, Tether, and its own LVGA Points token as legal tender.

The United Arab Emirates (UAE) also made its debut on the list as it was ranked in 22nd place. The country has shifted its stance on cryptocurrencies as it currently trying to become one of the world’s crypto hotspots.

Portugal, El Salvador Fail To Make Top 10 Rank

Meanwhile, some popular crypto-friendly nations failed to make it to the top 10 list. Portugal which was ranked 12 has a tax-free way of life for crypto investors in the country.

El Salvador which is arguably the most friendly nation when it comes to cryptocurrency was however ranked in 36th position. Recall, that the country passed a law in 2021 that implemented Bitcoin as a legal tender.

Furthermore, El Salvador has no income or capital gains tax on Bitcoin. It also plans to maintain its status as a cryptocurrency hub by building the world’s first Bitcoin City.

crypto-friendly nation, Germany displaces Singapore as the most crypto-friendly nation —Report

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