Germany Replaced Singapore as the World’s Most Crypto-Friendly Country, Report

Germany takes over Singapore as the world’s most crypto-friendly country.

Germany Knocks Out Singapore

A recent report from Coincub ranks Germany no 1 in the list of most crypto-friendly countries in the world. In the rankings issued three month ago, for the last quarter of year 2021, Coincub had ranked Singapore as no 1. Now, rankings rankings for the first quarter of year 2022 has seen Germany take over Singapore.

There are multiple factors that have caused Singapore to lose its position and lead Germany to become a leading crypto country. Over the past few months Singapore simply did not do enough to maintain its status, whereas, Germany progressed with a significant speed.

Crypto in Germany

Germany has tax policies that benefit crypto investors, it has most Bitcoin nodes, after the US and there is widespread demand for digital assets in the country. By far the most crucial factor that made Germany World’s no 1 crypto friendliest country, is the inclusion of crypto investment in its large domestic savings industry.

Germany’s largest savings institution, Sparkasse, that comprises many smaller investment banks, has recently announced to include crypto as investment. Sparkasse will now allow its 50 million members to trade and save in crypto. Reportedly, the institution is also investigating prospects of launching its own crypto wallets. While Germany is far from accepting crypto as payment, it has a unique policy of accepting crypto as a long-term investment asset.

Coincub noted in its guide that Sparkasse’ policy to offer crypto services to such a large number of people is the most significant factor that made Germany no 1 in the list. Guide stated, countries always face problems while formulating their crypto policies, because of fraud questions of custody and identity. To open a crypto account with Sparkasse people won’t require any further authentication as the institution already has adequate information about their members.