Germany takesover United States as the leading crypto economy in the third quarter
New York City: According to a recent survey, Germany has emerged as the nation with the most favorable cryptocurrency economy in the world as of the third quarter of 2022. The United States of America, which was tied for first position on the list of the top crypto economies at the end of the previous quarter, slid six spots to sixth place.
The rankings of nations based on their crypto economies that were prepared by Coincub took into consideration a variety of elements, including a good crypto outlook, clear crypto tax legislation, more open regulatory communications, and other considerations.
In spite of the fact that it is not a tax haven, Germany is often regarded as having one of the most robust “traditional-tax” crypto economies in the world, which rewards cryptocurrency holders who retain their coins for longer periods of time. Holdings of cryptocurrencies for more than a year are exempt from taxation under German legislation.
Switzerland came in at number two on the list due to the favourable regulatory attitude it takes toward cryptocurrencies. Switzerland is also home to some of the most successful cryptocurrency firms in the world. Australia, the United Arab Emirates, and Singapore, in that order, were able to move up to the following three slots on the list.
The government of Australia has been quite supportive of the cryptocurrency industry over the course of the last year, actively pursuing beneficial crypto legislation combined with appropriate tax policy. Australia has shown a strong interest for cryptocurrencies. The United Arab Emirates (UAE) has a highly appealing zero-tax policy on crypto profits and has made significant investments in Web3. On the other side, Singapore has positioned itself as a crypto powerhouse in Asia, with a major portion of the population engaging in crypto trading and investing. This has led to Singapore’s rise to prominence in the industry.
The United States has a crypto tax policy that is unfriendly, and there is a lack of clarity on the regulatory front. As a result, the country has fallen to seventh place. The research did note that the United States of America is the only jurisdiction in the world that permits crypto to be included as part of strategic workplace pensions. The United States might see a major improvement in its rankings by the end of the next quarter as a result of crucial crypto regulatory legislation that is now in development.
El Salvador remained at the top of the list of the most crypto-curious countries, which was determined by the number of searches connected to “Bitcoin.” Following El Salvador on the list were Nigeria and the Central African Republic.
It was discovered that the population of Vietnam hoards the most cryptocurrency, with over 20 million people, or over 20% of the population, having invested in cryptocurrencies. Over 46 million people in the United States already possess some kind of cryptocurrency, which is equivalent to approximately 13% of the population.