Australia 5th in Global Crypto Rankings: Report

July 19, 2022, 9:30 AM AEST - 3 weeks ago

Australia ranks fifth among the world’s top crypto-friendly economies, according to the latest quarterly global cryptocurrency rankings released by analytics firm Coincub.

Coincub awards points across nine overall categories: government, financial services, population, taxation, talent development and industry participation, trading, fraud and environmental potential. New sub-categories such as crypto education courses and initial coin offerings have been added to create a more comprehensive gauge.

Germany, US Top the Table, Followed by Switzerland and Singapore

Jointly topping the table are Germany and the US, whose dominance stems from both countries’ progressive regulatory environments and major bitcoin investments by mainstream institutions.

Allowing its savings industry to utilise crypto investments and maintaining a zero-tax policy on capital gains on BTC and ETH held for more than a year were key reasons for Germany’s ascent to the top of the rankings earlier this year.

The US moved up from third spot in Q1 to share the top rank with Germany in the wake of President Joe Biden’s March executive order on digital assets, which increased consumer protection and financial stability while also cracking down on illicit activity.

Switzerland came in third on Coincub’s global crypto rankings, largely due to the City of Lugarno recognising bitcoin as legal tender. More than 1000 blockchain and virtual asset service providers are based in Switzerland, and the country also ranks highly for its preponderance of Bitcoin nodes and ATMs.

In fourth place is Singapore, down from top spot at the end of 2021 because of recent regulatory tightening in the island republic.

Why Australia Made the Top Five

Australia’s proliferation of initial coin offerings, exchanges and transaction volumes, as well as several of its universities offering blockchain and crypto educational courses, helped see it into fifth place.

That position tallies with Australia’s status as the fourth-best market for crypto job opportunities, according to a May report. Australians also ranked eighth in the world for interest in NFTs, according to analysis published this month by online lender CashNetUSA.

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