Massive Number of Bitcoin BTC/USD Nodes And Progressive Cryptocurrency Taxation Makes This Country #1 In Crypto Friendliness

The world constantly change and so does its attitude toward crypto.  While some countries have their policies tip toe around crypto, other rush to embrace it. Crypto exchange aggregator Coincub recently released its latest Global Crypto Ranking. 

According to the study, Germany has replaced Singapore as the most crypto-friendly country in the world.

“Germany is already one of the world’s most crypto-friendly countries. The country also has the highest number of Bitcoin nodes besides the US, but with a smaller population and GDP demonstrating an even greater commitment to crypto. There have been several positive developments over the last few months,” the report says.

Germany’s number of Bitcoin BTC/USD nodes is second only to the U.S., and its policy towards crypto taxation is progressive even compared to other leading economies.

In terms of crypto transactions, Germany has seen several developments in recent months. The Federal Financial Supervisory Authority issued a crypto custody business license for Coinbase’s German arm earlier in 2022.

Also Read: Mining without a rig, new ways of making crypto money in 2022

German stock market operator Deutsche Boerse listed more than 20 crypto exchange-traded products on its digital exchange, Xetra.

Singapore is ranked in the second position, and the U.S. now sits in third, followed by Australia, Switzerland, and Hong Kong.

The U.S. is a crypto powerhouse with the highest volumes of crypto trading, nodes, and Bitcoin ATMs.

The Singapore government’s decisions to restrict crypto services advertising by Virtual Asset Service Providers (VASPs) outside of their websites, and a clampdown on Bitcoin ATMs, caused the country to lose its top spot.

Coincub says that the United Arab Emirates (UAE) is a new country to be added to the list, appearing at number 22.