When it comes to crypto economies, who comes out on top? The answer may surprise you. (Reporting via _prashantjha)
Germany has become the most favorable crypto economy in the world in the third quarter of 2022, according to a new report. The United States, the joint top-rank holder from last quarter, fell six places to rank seventh on the top crypto economy.by Coincub looked into various factors such as favorable crypto outlook, clear crypto tax rules and more transparent regulatory communications to rank countries.
Australia has shown a great appetite for crypto and the government has been equally supportive of it over the past year, pushingalong with reasonable tax policy. The UAE has invested heavily in Web3 and has a very attractive zero-tax policy on crypto gains. Singapore, on the other hand, has established itself as a crypto powerhouse in Asia, with a significant chunk of the population involved in crypto trading and investment.
The U.S dropped to the seventh spot due to its unfavorable crypto tax policy and lack of clarity on the regulatory end. However, the report highlighted that the U.S is the only country to allow crypto to form part of strategic workplace pensions. With some key crypto regulations legislature under work, the U.S could see a significant improvement in its rankings by next quarter.
The Vietnamese we found to be the biggest hoarders of crypto, with over 20 million or nearly 20% of the population invested in crypto. The U.S has over 46 million crypto holders or nearly 13% of the population invested in crypto.
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