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Switzerland secures third place in crypto rankings

Updated: Jul 14, 2023

Dublin/Lugano - Switzerland ranks in third place in terms of the most crypto-friendly countries around the world. This is based on the new Coincub rankings for the second quarter of 2022. Switzerland’s improved performance comes on the back of progressive legislation and high trading volumes.

In the rankings for the most crypto-friendly countries in the world in the second quarter of 2022, Switzerland has risen to third place. In the first quarter of the year, Switzerland was ranked in fifth place, further details of which can be found in a press release. This performance is based on the rankings published by Coincub, the Dublin-based crypto sector comparison portal. Germany and the USA are tied for first place in the rankings.

The Coincub rankings provide reasons for the respective country performances. For example, Germany even took first place in the ranking for the first quarter of 2022 because of the decision by the savings institution Sparkasse to allow bitcoin investments, the report says. Germany’s performance in the rankings for the third quarter could potentially be boosted by a new EU regulatory framework for cryptocurrencies.

The USA has benefited from President Joe Biden’s push for improved cryptocurrency regulation and anti-money laundering laws this quarter, Coincub explains. In addition to this, the announcement by the pension and investment giant Fidelity that cryptocurrencies will be part of the portfolios of US pension funds has also helped.

Coincub attributes Switzerland’s improved ranking to progressive legislation and high trading volumes. The Swiss performance was also boosted by Lugano’s decision to use Bitcoin as de facto legal tender. The report explains that Bitcoin can now be used for everything from buying a watch to paying taxes in the city in the canton of Ticino.

Back in March, Lugano announced plans to launch a full cryptocurrency payments economy in partnership with Tether, the Hong Kong-based issuer of the first stablecoin.

In the Coincub rankings, Singapore has fallen to fourth place, with Australia now ranked in fifth position.

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