Any evolution is only due to competition. – A conflict, by definition, is never good. Especially when it drives theGermany and the United States. From experience, we then tend to look at it with concern. But, in our case, it’s frankly positive, because it can bring a lot to our ecosystem!
The United States, caliph instead of the caliph?
The Coincub site has established a ranking of the most “Crypto-Friendly” countries, and the verdict is final! The United States have joined Germany on the first step of the podium, and even seem well on their way to overtaking it.
Indeed, in this second quarter of 2022, our American friends jumped, moving from second to first place to tie with Germany. This ranking, which analyzes several criteria to draw up the list of countries that are working hardest towards cryptocurrency adoptionis rather surprising.
With the USA and Germany in the lead, followed by Singapore (which fell 3 places this quarter), Australia and Switzerland, we can see that the majority of States are working for a regulation and an adoption (or on the contrary a ban) of cryptocurrencies. Whatever their position on the subject, the crypto theme is not absent from the debates!
The strength (political, media, economic) of the United States no longer needs to be demonstrated. It is therefore not a real surprise to see the USA take the top step of the podium.
In order to provide a real protection consumers, and a comprehensive fight against money laundering, Biden chains the announcements and puts the crypto ecosystem under the spotlight. The goal is to break the operation specific to each state in order to have federal regulations. It works.
With a significant number of distributors to buy/sell Bitcoin in the country, the USA has a considerable lead over many states, especially European ones.
L’adoption of cryptocurrencies is done on an ongoing basis, like the global pension management fund, Fidelitywhich will allow its residents to own part of its funds in Bitcoin.
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Germany has not said its last word!
Joined on the first step by the USA, Germany is however far from dropping one place! Passing legislation progressiveour neighbor is somewhat at odds with what is generally done in Europe.
Where some wish to prohibit before understanding, the Germans have understood that it would be more profitable to work in a strict but permissive framework for cryptocurrency holders, because in the country there are many of them.
With a tax system favorableallowing holders of Bitcoin, Ether and other altcoins, to not have to pay taxes if the assets have been held for more than a year, Germany is playing the peace card. They gently encourage residents to hold, and especially to keep, cryptocurrencies.
Giveways and mining are known things, and also considered by law. The regulations were put in place after consultations with the country’s major financial institutions.
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And the top 5 then?
Just behind our German and American friends, we find Singaporein slight decline, in particular with the flight of historical investors who are abandoning the country to join the United Arab Emirates.
Switzerlandknown for its love of finance, has long since taken the turn of the blockchain and continues its ascent. It is home to a significant number of ecosystem players, and constantly sees the birth of many projects. The large number (for its area) of bitcoin distributors and hosting nodes makes it a highly rated country in terms of “Crypto-Friendly” criteria.
australiaformer number two in the rankings, is actively fighting to stay in the top 5. Its very positive policy towards crypto paymentsand its involvement in highlighting the ecosystem (training, encouraging use) make it a country to follow, which risks changing the rankings again before the end of the year.
What to expect for the third and fourth quarter of 2022?
In the countries that could upset the general classification, a few outsiders come out on top.
Starting with the United Arab Emirates who are advancing hard and fast on legalization, moving from 22nd to 18th place at the start of the year.
Their positive view of the crypto ecosystem makes them a player that will definitely be unavoidable in the months/years to come.
In Europe, the Portugal also attracts a lot, favoring non-residents by offering tax incentives very generous, and favorable tax rate. Will this be tenable over time, with the project of MiCa law who arrives on European soil? To be continued in the coming months…
The Russia, she does the eternal yo-yo by authorizing, prohibiting, authorizing again, then prohibiting the use of cryptocurrencies again. A major economic player, it can also bring surprises before the end of the year.
The France, which is currently 6th of this ranking, will it rise or fall in this list of “Crypto-Friendly” countries? Even if it may appear rather pessimistic, the future will tell!
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