The position of Germany among the crypto economies across the globe has increased to a great extent during the 3rd quarter of this year, as pointed out by an exclusive report. The U.S., known as the joint top-rank receiver from the previous quarter, declined by six ranks and got the seventh position on the list of highest crypto economies.
Germany Wins over the United States in the List of Highest Crypto Economies this Quarter
The rankings of the crypto economy, compiled on the behalf of Coincub, comprised diverse factors like favorable crypto position, distinctive rules for crypto taxation, and additionally transparent regulatory interactions for the countries’ ranking. Although Germany does not count as a tax haven, it is categorized among the most resilient among those crypto economies which provide rewards to their holders who keep crypto for a long time.
The 2nd rank is occupied by Switzerland with a positive stance on crypto regulation and it is the center of a few of the well-known crypto institutions across the globe. The other 3 positions were obtained on the behalf of Australia (the 3rd), the UAE (the 4th), as well as Singapore (the 5th). Huge interest has been expressed by Australia in crypto and the authorities of the country have been offering adequate support in this respect during the previous year.
By this, they have been endeavoring to establish beneficial crypto legislation in addition to an appropriate tax policy. Heavy investment has been made by the UAE in the Web3 sector with a considerably alluring zero-tax policy regarding crypto profits. On the contrary, Singapore has turned into a crypto hub across the Asian region, with a large proportion of the population engaged in the investment and trading of cryptocurrency.
The U.S. Works on Regulatory Advancement to Have a Promotion in Coming Quarters
The reason behind the United States’ decline to the 7th position is the unsupportive tax policy for crypto and a deficiency in transparency in the case of regulations. Nevertheless, several of the chief crypto regulations being established by the United States could potentially elevate the rank of the country by the upcoming quarter.
In the list of well-known crypto-curious countries, in terms of the number of searches related to Bitcoin, the top spot has been taken by El Salvador for another time. After it, Nigeria as well as the Central African Republic have their spots.