According to a new report from Coincub, Germany became the most favorable country for doing crypto business in the third quarter of 2022, climbing to the top spot in the rankings.
At the same time, the United States, which occupied the first place last quarter, fell six positions down.
As the main criteria for evaluation, the experts took the following factors: clarity of cryptocurrency taxation rules, favorable prospects for the industry, transparency of communication between regulators and companies. Germany is now considered one of the strongest countries when it comes to crypto taxes, allowing long-term holders of digital assets to pay no taxes at all if they hold digital assets for more than a year.
The second place was taken by Switzerland: in the country, experts say, 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.
Third, fourth and fifth place went to Australia, the United Arab Emirates and Singapore, respectively. Australia has shown strong interest in cryptocurrencies, with the government backing the industry as early as last year by pushing for friendly digital asset legislation along with prudent tax policies, analysts say.
The UAE has become a state that has invested heavily in Web3 and has an attractive zero-tax policy on cryptocurrency income. And in recent years, Singapore has established itself as the Asian center of cryptocurrencies, with a large part of the population one way or another involved in trading crypto assets and investing in this industry.
The United States came in seventh place due to unfavorable taxation policies, as well as a lack of clarity regarding the regulation of cryptocurrencies. However, according to experts, this is still the only country where digital currencies can be part of a retirement strategy.
Previously, Coincub published a rating where they called Belgium the worst country to invest in cryptocurrencies due to its tax policy. It is noteworthy that Germany also took first place in that ranking.
Source: Bits
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