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Q3 2022 - Coincub Global Crypto Ranking: Germany tops, the USA drops in latest report
- Germany holds on to the top crypto spot - Switzerland moves up to second - Late starter UAE rises into fourth place - Singapore stays in the top five
Positive long-term crypto investment policies also featured strongly in the USA's top place in Q2, but in Q3 2022 the USA drops down to sixth, owning to crypto taxation policies that are quite onerous and do not offer any particular form of incentive for crypto investors. This may change following the outcome of a raft of proposals from the Biden administration which have yet to manifest themselves within the crypto economy. That said, the US is a crypto powerhouse, with unparalleled crypto trading volumes, numbers of nodes, and blockchain technology start-ups. The US was also one of the first countries to allow crypto to form part of workplace pensions through investment giant Fidelity.
Switzerland, which rose to the number two spot, offered the somewhat unexpected announcement that the Canton of Lugano would designate Bitcoin as a legal tender. The country is also home to the world's largest concentration of leading crypto and blockchain organizations in the Crypto Valley.
Australia stays steady, UAE moves up sharply, and Singapore eases
The next three countries are Australia, UAE, and Singapore at three, four, and five respectively. Australia enters the top three and has been a top five country for some time on the strength of all-around data and positive legislation, reasonable taxes, and a government seemingly in favor of creating its own system of digital payments infrastructure. Singapore has a wide uptake of crypto investment among its population but has recently looked to constrain the third-party advertising of VASPS. The UAE has enormous tax advantages, positive legislation and a fast-growing crypto community which makes it rise up on our latest ranking to fourth place. From banning crypto early on, the UAE now has a government striving to become the leading crypto economy in the middle east.
Full report: https://coincub.com/