In its latest quarterly report, crypto analytics firm Coincub puts Germany on the top spot when it comes to the most crypto-friendly nation in the world.

Highlighting a number of major developments in its 2022 Q1 Crypto Ranking Guide, the report explains why the West-European powerhouse has overtaken Singapore’s number one position.

“Germany is already one of the world’s most crypto-friendly countries. The country also has the highest number of Bitcoin nodes besides the US, but with a smaller population and GDP demonstrating an even greater commitment to crypto. There have been several positive developments over the last few months.

The Federal Financial Supervisory Authority issued a crypto custody business license for Coinbase’s German arm earlier this year. German stock market operator Deutsche Boerse has also listed more than 20 crypto exchange-traded products on its digital exchange, Xetra. The Sparkasse savings bank looking into offering wallets to trade crypto is a huge step for institutional acceptance.”

Coincub’s top five is completed with Singapore ranked second, the United States in third place, followed by Australia and Switzerland.

source: Coincub

India, which is currently in the middle of challenging regulatory changes sits on 19th place. The United Arab Emirates (UAE) is a newcomer on the list on 26nd.

Although ‘Bitcoin Nation’ El Salvador that made Bitcoin legal tender on September 7 2021 is still in the top five of countries with the most advantageous tax regimes, it lost its top ten spot of Q4, 2021 and currently ranks 36th.

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