Germany and the US are top crypto-friendly economies. Coincub’s Q2 2022 Global Crypto Ranking Report found this. Germany remained first from Q1 2022, while the US jumped from third.
The US fared well because of new bitcoin laws, according to the survey. Fidelity Investments’ decision to include Bitcoin in American pension fund holdings boosted the US’s rating. State-by-state crypto regulation in the US scored poorly.
Germany has a favorable tax environment, a large number of crypto holders, and Bitcoin nodes. Switzerland, Singapore, and Australia complete the top 5 crypto-friendly economies (5th). Singapore has several ICOs and cryptocurrency holders. Switzerland has strict AML and KYC rules and several VASPs.
Portugal and the UAE were the fastest-rising crypto-friendly economies. The UAE was praised for licensing exchanges and crypto firms and providing clear criteria for ICOs and crypto agencies. UAE is tax-free. Portugal has a significant tax incentive and minimal crypto taxes, and the government is receptive to mining and trade.
Russia, the US, and France completed the top 5 risers (5th). Russia allowed crypto trade and mining. The US has numerous crypto investors, ATMs, Bitcoin nodes, and miners. France has a large blockchain ecosystem, multiple Bitcoin nodes, and a good bank and government stance on the blockchain.
South Korea (1st) and Pakistan (2nd) fell the most. Pakistan’s crypto regulation was graded poorly. South Korea licensed cryptocurrency exchanges, reducing their number from 60 to 4.
Philippines, Mexico, Belgium, Brazil, China, and Cyprus also declined in crypto-friendliness. They tied for third. These economies lacked a crypto strategy and regulation.
Most crypto-friendly economies have progressive crypto policies, an advantageous tax system, a large crypto community, and a favorable government attitude toward blockchain technology. Low-ranking economies lacked a crypto strategy and crypto regulation. Economies are trying to become crypto innovation centers.