Report: Germany Replaces Singapore as ‘Most Crypto-Friendly Country’ in Q1 2022
A research report published earlier this week indicates that in the first quarter of 2022, the five most crypto-friendly countries in the world were Germany, Singapore, the United States, Australia and Switzerland.
According to Coincub’s report, which was published on April 13, several factors drove their decision to award Germany the top spot on their list of 45 countries:
“Germany takes a positive stance on cryptocurrency trading and investing. It moved up 3 places compared to 2021 to take the top spot. Germany is already one of the most crypto-friendly countries in the world. The country also has the highest number of Bitcoin nodes besides the United States, but with a smaller population and GDP demonstrating an even greater commitment to crypto.
“There have been several positive developments in recent months. The Federal Financial Supervisory Authority issued a crypto custody business license for the German branch of Coinbase earlier this year. German exchange operator Deutsche Boerse has also listed over 20 exchange-traded crypto products on its digital exchange, Xetra. The savings bank Sparkasse which plans to offer wallets to exchange cryptos is a big step forward for institutional acceptance.“
The report explained that although Singapore was No. 1 in Q4 2021 and “remains a crypto and blockchain powerhouse,” it fell to No. 2 due to “the Monetary Authority of Singapore ( MAS) who put the brakes on issuing firm guidelines that Virtual Asset Service Providers (VASPs) should not be allowed to advertise their services outside of their own websites and thus restrict the use of tellers Bitcoin ATMs.
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