In another compelling year for the trillion-dollar crypto industry, Singapore hits top spot to become the world’s most crypto-ready country at the end of 2021.
In Coincub’s latest ranking of the world’s most dynamic crypto countries for 2021/Q4, Singapore goes to number one with Australia rising swiftly up the ranking to number two.(Photo : Dan Kitwood/Getty Images)
Sergiu Hamsa, CEO of Coincub, the producer of the quarterly crypto rankings says:
“Events are moving at breakneck speed in the crypto economy. In the last few months alone, bitcoin hit new price highs, driving renewed demand worldwide, El Salvador declared bitcoin as legal currency and China banned it altogether.
Keeping track of these rapid changes is what Coincub does on a country-by-country basis to rank the world’s most progressive crypto economies – and provide investors with the knowledge to make sensible crypto decisions in their own countries.”
Coincub’s ranking criteria focuses on positive government legislation, but also the willingness of mainstream banks to offer custodial services. These two factors demonstrate that traditional institutions are buying into the crypto space within a country.
Unexpected events also shook the crypto world in 2021. In June, El Salvador (9th place) made the groundbreaking decision to declare bitcoin a form of legal tender. This is a giant step into the unknown which established economies are reluctant to take. No other country has declared crypto as legal currency, and most categorise it as a digital asset, commodity or property.
At #3 is the USA with a world-leading 1,821 bitcoin nodes and 25,956 crypto ATMs. The US lost its number one spot due to uncertain legislation.
China passed its most comprehensive ban yet on crypto trading and transacting, formally ended its involvement in the crypto economy and relinquished its position as the world’s leading bitcoin mining country. China is now ranked last, closely followed by Russia following its ban on the use of crypto for buying goods and services.
Europe’s leading crypto country is Germany at #4, with Sweden, Portugal and Switzerland at #6, #7 and #8 respectively. All have a very open and positive institutional stance on crypto, and booming crypto trading figures.
Rising countries to watch next quarter
- Sweden: World’s most cashless society – trialing CBDC e-Krona
- Japan: Possible reduction of tax on crypto gains
- Denmark: Crypto hot spot for trading and spending – but held back by inadequate tax laws
- India: New legislation being debated to transform the safety and security of crypto investing for its huge population of crypto advocates
Coincub’s analysts present a holistic view for investors and interested spectators alike. Compiled on a country by country basis, the country ranking includes pure trading data and qualitative information – including the latest positive or negative legislation – to give a clearer picture of the crypto economy in a given country.
See the full coincub.com 2021/Q4 country ranking here.
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