Germany has become the most favorable crypto economy in the world

10.10.2022 Off By apos2t

According to a new report, Germany became the most favorable country for doing crypto business in the third quarter of 2022, rising to first place in the ranking. At the same time, the United States, which occupied the first place last quarter, dropped six positions down.

The experts took the following factors as the main criteria for evaluation: clarity of the rules of taxation of cryptocurrencies, favorable prospects for the industry, transparency of communication between regulatory authorities and companies. Germany is now considered one of the strongest countries in terms of cryptocurrency taxes, allowing long-term holders of digital assets not to pay taxes at all if they hold digital assets for more than a year.

Switzerland took the second place: the country, experts say, has one of the most positive regulatory models of the crypto industry. In addition, offices of some of the leading cryptocurrency companies are located in Switzerland.

The third, fourth and fifth places went to Australia, the UAE and Singapore, respectively. Australia has shown great interest in cryptocurrencies, and the government supported the industry last year by promoting friendly legislation on digital assets along with reasonable tax policy, analysts say.

The UAE has become a state that has an attractive policy of zero taxation of income from cryptocurrencies. And Singapore in recent years has established itself as an Asian center of cryptocurrencies, most of whose population is somehow engaged in trading crypto assets and investing in this industry.

The United States was in seventh place due to unfavorable taxation policies, as well as a lack of clarity regarding the regulation of cryptocurrencies. However, as experts say, it is still the only country where digital currencies can be part of a pension strategy.

Earlier published a rating where they called Belgium the worst country for investing in cryptocurrencies because of its tax policy. It is noteworthy that Germany also took the first place in that ranking.