Germany Leaves US Behind in Major Crypto Economies in Q3: Report

The United States, which was the top crypto economy last quarter along with Germany, fell to seventh place in the rankings.< /p> New

Germany became the most favorable crypto economy in the world in the third quarter of 2022, according to a new report. The United States, joint first-place holders last quarter, fell six places to seventh among the top crypto-economies.

The Crypto Economy Ranking compiled by Coincub looked at various factors such as a favorable crypto outlook, clear crypto tax rules, more transparent regulatory communications, and more to rank countries.

Germany, while not a tax haven, is considered one of the strongest "mainstream" crypto economies that reward long-term crypto holders. German law does not levy any tax on crypto holdings older than one year.

Switzerland ranks second with its positive stance on crypto regulation and is home to some of the best crypto organizations in the world. The next three spots on the list were taken by Australia, the United Arab Emirates and Singapore, respectively.

Australia has shown a great appetite for crypto and the government has also been supportive over the past year, pushing positive crypto legislation as well as sensible tax policy. The UAE has invested heavily in Web3 and has a very attractive zero tax policy on crypto earnings. Singapore, on the other hand, has established itself as a crypto powerhouse in Asia, with a significant portion of the population involved in crypto trading and investing.

The United States dropped to seventh place due to unfavorable cryptocurrency tax policy and unclear regulations. However, the report pointed out that the United States is the only country to allow crypto to be part of strategic workplace retirements. With some key crypto regulatory legislation in the works, the US could see a significant improvement in its rankings by next quarter.

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