According to an analysis, Germany has supplanted Singapore as the nation with the best cryptocurrency policies. In its first-quarter 2022 report, the company evaluated 46 countries based on various criteria, including recently introduced categories like the number of initial coin offerings (ICOs) in each country, the frequency of fraud cases, and the accessibility of crypto courses at prestigious universities.

Coincub CEO Sergiu Hamza stated, “As events unfold, we move beyond legislation or pure numbers and bring new dimensions that are vital for evaluating a country’s crypto friendliness or maturity.”

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Last year, Germany came in fourth in the ranking.

The update follows research by cryptocurrency exchange KuCoin, which revealed that 16% of Germans between the ages of 18 and 60 possess cryptocurrency or have traded it in the last six months. In the upcoming six months, 41% of those investors want to boost their allocations to the sector.

German magazine Capital published the first information on the nation’s savings banks’ wanting to provide a wallet for trading cryptocurrencies in December. These institutions own more than 1 trillion euros. According to the report, the decision represents a “groundbreaking” advancement in institutional cryptographic acceptance.

JUST IN: 🇩🇪Germany has dethroned Singapore to become the most #crypto friendly country in the world. https://t.co/Cc15eVsFvl

— Watcher.Guru (@WatcherGuru) April 16, 2022

Over the past few months, German stock market operator Deutsche Boerse has launched more than 20 cryptocurrency exchange-traded products (ETPs) on its online exchange, Xetra. Several fund issuers, including WisdomTree, CoinShares, and 21Shares, listed their products across the nation.

Due to government initiatives to limit crypto service advertising and a crackdown on bitcoin ATMs, Singapore, which had previously held the top spot, fell to second. According to the survey, the United States’ choice to push for more explicit crypto legislation helped it place third among nations favorable to cryptocurrency.

According to an executive order signed by President Joe Biden, government organizations are urged to collaborate to research the “responsible development” of digital assets. In a speech that MicroStrategy CEO Michael Saylor dubbed “perhaps the single-most important speech of the 21st century,” US Treasury Secretary Janet Yellen echoed these demands.

Due to its around 35% share of the world’s hashrate, the US also placed first in mining, ahead of Kazakhstan in second place, whose share is approximately 18%. After announcing aspirations to establish itself as one of the world’s crypto hotspots, the United Arab Emirates, which came in at number 22, was added to the list.

Dubai unveiled its first cryptocurrency law last month, which is being enforced by a new regulatory body. The emirate recently authorized the operation of the cryptocurrency exchanges FTX and Binance. China’s widespread ban on cryptocurrency trade and mining caused it to remain at the bottom of the list.