According to a study conducted by digital asset exchange aggregator Coincub, Germany was the most crypto-friendly country in Q1.222. Singapore – holds second place, while the United States holds third.
Coincub noted that the ranking of crypto-friendly country has changed over the past few months.
“German adoption of crypto and the decision to allow crypto investments put the country in the lead for Q1. 2022” the company stated.
An example of recent German pro-crypto trend is Sparkasse (the largest financial group in Germany) which plans to offer digital assets to its nearly 50 million customers.
The top country in the fourth quarter of 2021, Singapore, is now second, while the world’s top economy – the US is third. Australia and Switzerland made the top five.
Sergiu Hamza, CEO of Coincub explained that his company is looking to give the most accurate picture of recent crypto trends.
Other countries that have improved crypto-friendliness are the Netherlands, France, and Spain.
Switzerland made it into the top 10, this is mainly due to their southern city, Lugano being willing to accept Bitcoin as legal currency.
It’s worth noting that one of the most crypto-friendly countries in Europe, Portugal is not on Coincub’s top 10 list.
The Portuguese government does not impose a tax policy on digital asset transactions because they consider Bitcoin and Altcoins not as property but as currency. As a result, many Ukrainian refugees flocked to Portugal.
Last year, one of the country’s leading electricity retailers, Luzboa, accepted Bitcoin as a payment method, while last week the authorities of the Portuguese island of Madeira announced plans to the same, similar.