According to the most recent rankings for 2022’s Q2 quarter by CoinCub, Germany and the United States are tied for first place. A strong performance was shown across the board by both Germany and the United States of America.
Their rise may be attributed to more liberal regulatory settings as well as significant Bitcoin (BTC) investments made by traditional financial institutions.
The historic decision made by Germany’s Sparkasse, a savings and loan association, to enable bitcoin investments propelled Germany to the top spot in the list for the first quarter of 2022.
The United States of America has been hot on its trail, but they haven’t quite managed to catch up to the European country just yet.
Following the release of the European Union’s new legal framework for cryptocurrencies, dubbed Markets in Crypto-Assets (MiCA), Germany’s ranking may improve in the third quarter.
The United States has an edge over its competitors in this quarter as a result of President Biden’s effort for improved cryptocurrency regulation and anti-money laundering regulations.
The announcement made in April by pensions and investing giant Fidelity that cryptocurrency will be included in the portfolios of American pension funds was also a positive development for the cryptocurrency market.
Switzerland’s laws and large trade volumes have allowed it to progressively advance up the rankings, and it now occupies the third spot. Singapore comes in at number four. However, the city-state has since lost its position at the top of the rankings in the 4th quarter of 2021. Australia is fifth.