Connect with us

Global News

Report: ‘Most Crypto-friendly Country for Q1 2022’ title goes to…

Published

on

Source: Pexels

According to a new study, Germany has topped Singapore to become the most crypto-friendly country. The report states that “groundbreaking” legislations were carried out at the institutional level for a bright crypto future in the country.

The report primarily focuses on 46 countries considering factors like fraudulent activities, and government regulations in the country.

What’s the matter?

Germany took a leap from the fourth position last year to top the quarterly chart. The key event was Germany’s decision to allow the country’s saving banks access to crypto transactions. This massive step allowed roughly 50 million to buy, sell and store Bitcoin in the country.

Singapore dropped from the top to the second spot after it released regulations on crypto firms recently. The Monetary Authority of Singapore (MAS) took steps in January which saw virtual asset service providers barred from marketing or advertising in public areas, social media, or other platforms.

The U.S. remains in the third spot after introducing regulations as opposed to the prohibition of crypto assets. This comes after Biden signed an executive order to carefully study the “responsible development” of crypto assets.

China remains at the bottom of the list after banning all crypto trading and mining activities. China was the leading country in mining operations before its ban. The U.S. now ranks highest in global crypto mining with over 35% of mining totals.

Any new entries on the list?

The UAE and Dubai are the new highlights of the developing crypto industry in the Middle East.

The United Arab Emirates announced its plans to become a crypto hotspot in the world before ranking 22 on the list. It is making up for a lost time after taking a hard-line stance on crypto adoption earlier.

Furthermore, Dubai recently released its plans to adopt crypto by licensing FTX and Binance to operate in the emirate.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.


Please select your Email Preferences.

Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.