Germany Tops World’s Crypto Economies, UAE in 4th Place

PersonOutlineIconUPYO.comCalendarTodayIcon October 17, 2022AccessTimeIcon 4 Mins Read
PersonOutlineIconUPYO.comCalendarTodayIcon October 17, 2022AccessTimeIcon Mins Read
Germany

Germany

Germany topped the world’s crypto economies in the third quarter of 2022 after it was sharing this position with the United States, which fell to seventh place in the rankings.

According to a report, issued by CoinHub, a digital asset management platform, Germany is not a tax haven, however, it is considered as of the strongest all-around ‘traditional-tax’ crypto economies that encourages long-term crypto investment.

It is worth mentioning that German law gives incentives to incentive to investors who hold crypto for over a year by charging zero tax on their holdings.

Switzerland came in second place as it took early and positive steps toward the crypto world, as well as being a home for prominent crypto and blockchain organizations in the world.

While Australia became in the top three because of its sensible taxes, encouraging government legislation, and the government’s interest in establishing its system of crypto-based payments.

The UAE came in fourth place, marking the top and only Arab country in the top 10 crypto economies, after being in the 18th in the second quarter of this year. The UAE became the leading country in the Middle East and North Africa region in the crypto field thanks to the government’s friendly-crypto legislation as it seeks to be an ideal and major hub for blockchain startups.

The Emirati government, in July, launched the Dubai Metaverse Strategy, which aims to contribute $4 billion to the emirate’s economy. The strategy targets increasing the number of blockchain and metaverse companies fivefold within five years, as well as offering 40,000 virtual jobs.

Singapore and Malaysia occupied the fifth and sixth places, respectively, followed by the US, which plunged from first place in the second quarter to the seventh.

According to the report, this happened because the US crypto taxation policies are quite burdensome and it does not offer any particular form of incentive for crypto investors. The report mentioned that the US needs more flexible legislation toward crypto to achieve progress in the fourth quarter.

The remaining three rankings were for Hong Kong, the Bahamas, and Taiwan, respectively.

South Africa was the first African country on the list that consisted of 61 countries, occupying 30th place.

The rankings were based on different factors, including clear crypto tax legislation, favorable crypto outlook, and more transparent regulatory communications to rank countries.

CoinHub’s report also listed top crypto-curious countries based on the number of “Bitcoin” related searches, as El Salvador came in first place in which its population searches for opportunities in the crypto world after the government had decided to declare bitcoin as legal tender.

Nigeria and the Central African Republic came in second and third places, respectively due to the growing interest of their population in cryptocurrencies.

The report also mentioned that Turkey is a strong crypto performer.

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