Germany and the US are now at the top of the heap in global crypto rankings. Both countries were measured on factors like progressive regulations and crypto adoption by institutional investors. For quite a while, Germany dominated global rankings but made room for the US in 2022. The reasons for domination by both countries are mentioned above.
Other categories which were taken into consideration include talent development, government models, population, trading, and taxation. These are just a few and the ranking system also takes sub-categories like initial offerings and education courses. The inclusion of these two make the measuring gauge more complete. Germany has made it easier for savings institutions to park money in crypto. The benefits offered by zero taxes being levied on capital gains made from ETH and BTC (investments must be held for more than 12 months) were key reasons for the rise in rankings.
A major reason for the US moving up to share the top spot with Germany was President Biden’s push to ensure responsible development. This directive was set up with the aim of guaranteeing financial stability and protecting consumers. Investment in crypto by companies like Fidelity Investments also played a crucial role. Switzerland is No. 3 in the rankings. Swiss citizens in Lugano can now make payments using BTC for taxes and other services.
Singapore is at No. 4, after dropping from the top rank. In 2021, the country’s central bank and regulators decided to tighten rules related to crypto use and trading. Australia is in fifth place.