The United States, which shared first place in the rankings for the top crypto economies with Germany in the previous quarter, dropped to sixth.
In the third quarter of 2022, Germany’s crypto economy became the most promising in the entire globe, claims a recent study. The joint top-rank holder from the previous quarter, the United States, dropped six spots to place sixth on the list of the top crypto economies.
In order to assess countries, Coincub’s crypto economy rankings took into account a number of variables, including a promising crypto future, transparent crypto tax laws, and more open regulatory communications.
Germany is regarded as one of the most robust “traditional-tax” crypto economies that rewards long-term crypto holders, despite not being a tax haven. For cryptocurrency assets older than a year, German law imposes no tax.
Switzerland, which has a pro-crypto legislative position and is home to some of the biggest crypto organizations worldwide, came in second. Australia, Singapore, and the United Arab Emirates took the top three positions on the list, respectively.
Australia has demonstrated a strong interest in cryptocurrencies, and the government has been equally supportive of it throughout the past year, pushing for favorable tax legislation and crypto-friendly legislation. The UAE has made significant investments in Web3 and has a particularly alluring zero-tax policy on cryptocurrency gains. On the other hand, Singapore has made a name for itself as a crypto powerhouse in Asia, with a sizeable portion of the populace engaged in cryptocurrency trading and investment.
Due to its unfriendly crypto tax policy and unclear regulatory environment, the United States fell to seventh place. The report did note that the United States is the only nation that permits cryptocurrency to be included in strategic workplace pensions. Several important crypto-related laws are currently being worked on.
By the end of the next quarter, the United States’ standings may have significantly improved.
El Salvador once again topped the list of top crypto-curious countries based on the volume of “Bitcoin”-related searches, followed by Nigeria and the Central African Republic.
With over 20 million or nearly 20% of the population engaged in cryptocurrencies, the Vietnamese were the greatest hoarders of digital currency that we discovered. Over 46 million Americans, or almost 13% of the population, are crypto investors.