Who Are The Global Leaders in Cryptocurrency?

Things move fast in the crypto world, but staying on top of who are the global cryptocurrency leaders gives a great insight into how the community is developing. Here are the top five countries as of July 2022. 

Crypto Heavyweights: Germany Vs. The U.S.

The U.S. has long been the world’s cryptocurrency leader. However, according to a new Coincub analysis, Germany is the rising star, becoming the number one crypto country in Q1 2022, and sharing the top spot with the U.S. in Q2 2022.

Coincub rates countries’ crypto readiness across nine categories:

• Environmental potential
• Fraud
• Trading
• Talent development
• Industry participants
• Taxation
• Financial services
• Government
• Population

The U.S. has been the preeminent global crypto leader due to its excellence in many areas. These include offering a progressive regulatory environment and solid institutions, users had (and still have) substantial confidence in the market.

However, policy changes in Germany have led the country briefly usurp the U.S. at the start of the year. Coincub cites two reasons for this:

• The decision to allow the German savings industry to invest in crypto
• A new capital gains tax rule that means that both Ethereum and Bitcoin holders pay no taxes on their profits

Despite this, Germany’s outright lead was short-lived. The U.S. jumped back to share the top spot with the northern European country in the most recent Q2 2022 rankings.

To justify the U.S. return to the top spot, Coincub cited:

• President Biden’s executive order, Ensuring Responsible Development of Digital Assets. Coincub believes that better regulation will improve financial stability, protect investors, and reduce illegal activities.
• Asset manager, Fidelity’s decision to expose some U.S. pension funds to Bitcoin this year – a U.S. first.

According to Coincub’s most recent survey, the U.S. and Germany are tied on 49 points, surging ahead of Singapore, which is now the world’s number three crypto-friendly country. Both countries received a score of 9 for regulation and 13 for financial services. Germany did better on measures of environmental protection, tax, and fraud, whereas the U.S. is superior on proliferation and trading tools.

Switzerland Holding Strong

Switzerland comes in at number four on Coincub’s most recent Q2 2022 rankings. The rating agency cites:

• The Lugano region’s decision to accept Bitcoin as legal tender.
• The ability of the country’s citizens to BTC to pay their taxes (as well as goods and services).
• The fact that over a thousand blockchain and DeFi companies operate in the country.
• The fact that it operates a disproportionate number of Bitcoin nodes compared to its population.

Australia is the up-and-coming global cryptocurrency leader, scoring 42. Coincub justified the country’s ranking on the basis of its initial coin offerings and transaction volume. It is also impressed by the country’s abundance of educational courses on cryptocurrencies and blockchain.

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