After previously holding a joint top-rank position with the United States, Germany is now the country with the most favourable crypto economy in 2022’s third quarter (Q3).
In the third quarter of 2022, Germany became the most promising crypto economy in the entire globe, according to a recent study by Coincub. The joint top-rank holder from the previous quarter, the United States, dropped six spots to place sixth on the list of the top crypto economies.
The Coincub rankings of countries’ crypto economies took into account a number of variables, including good crypto outlook, straightforward crypto tax laws, more open regulatory communications, and more.
Germany is regarded as one of the most robust “traditional-tax” crypto economies that reward long-term crypto holders, despite not being a tax haven. For cryptocurrency assets older than a year, German law imposes no tax.
Switzerland, which has a pro-crypto legislative position and is home to some of the biggest crypto organizations worldwide, came in second. Australia, the United Arab Emirates, and Singapore took the top three positions on the list, respectively.
Australia has demonstrated a strong interest in cryptocurrencies, and the government has been equally supportive of it throughout the past year, pushing for favorable tax legislation and crypto-friendly legislation.
UAE has made significant investments in Web3 and offers a very alluring zero-tax policy on cryptocurrency gains. On the other hand, Singapore has made a name for itself as a crypto powerhouse in Asia, with a sizeable portion of the populace engaged in cryptocurrency trading and investment.
Due to its unfriendly crypto tax policy and unclear regulatory environment, the United States fell to seventh place.
The report did note that the United States is the only nation that permits cryptocurrency to be included in strategic workplace pensions. The U.S. could significantly improve its ranks by the end of the next quarter because of some important crypto regulatory legislation that is currently being worked on.
El Salvador once again topped the list of top crypto-curious countries based on the volume of “Bitcoin”-related searches, followed by Nigeria and the Central African Republic.
With over 20 million or nearly 20% of the population investing in cryptocurrencies, it was discovered that the Vietnamese people were the biggest hoarder of digital currency. Over 46 million Americans, or almost 13% of the population, are crypto investors.
