Germany has recently overtaken Singapore and is now the most crypto-friendly nation globally. In Q4, 2021, Singapore was at the top, while Germany was at the number 4 position. However, for Q1 2022, Coincub, the company behind this report, has increased the rating of Germany to AA, which pushed them to the top. So, let’s take a look at the factors that influenced the score of Germany and Singapore.
Singapore loses no 1 spot
While Singapore doesn’t have a very strong stance against crypto, some of its actions have led them to lose points. The Monetary Authority of Singapore has taken action against Virtual Asset service providers. They are no longer allowed to run ads outside their own website. It makes it really difficult for the companies to reach out to an audience and increase their user base.
It does make sense to regulate the crypto ad industry to prevent companies from misguiding the audience. However, banning the option altogether is a stringent step that affects the industry drastically. And this is why Singapore was unable to maintain its no 1 position in the Coincub report.
Germany rises to the top
Right now, Germany has the highest number of Bitcoin nodes, and the country has also taken a positive stance toward the trading and investment in crypto. This is why among 39 other nations, Germany is at the top of the report. Even before this, the country wasn’t placed very low on the list and was at a respectable number 4 spot. Banks in the country are also planning to offer crypto services and wallets, and even ETPs.
The Coincub report
After hearing about Germany and Singapore, I am sure you guys are curious about where do other prominent nations stand in the report. If that is right, here we go. The United States is at the number 3 position and has maintained the spot for more than 6 months now. Australia is at number 4, Canada at number 9, the UK at number 11, India at number 19, and UAE at number 22 (though I believe they will see a jump in the next quarters). Any guess on which country is last on the list? Think about it!
What are your thoughts as Germany is now the most crypto-friendly nation? And do you think UAE should be placed higher on the list? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Russia plans to legalize crypto payments and bring more clarity.