Singapore is the # 1 Crypto Country in the World in the Latest Global Crypto Rankings

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2021 has been an important year for crypto, with some unexpected events shaking up the way countries approach crypto and digital currency. Now, the latest crypto ranking shows which countries are leading the world in crypto adoption.

Today, Ireland-based fintech startup Coincub released its Q4 2021 Global Crypto Ranking Guide. Scoring is based on societal parameters such as government policy, industry acceptance financial, tax laws, regulations and legal requirements.

The ranking also takes into account quantitative data such as crypto ownership, bitcoin ATMs, and spending opportunities.

The ranking criteria focus on positive government legislation and the willingness of traditional banks to offer custodial services. These two factors demonstrate that traditional institutions buy in the crypto space within a country.

Institutional acceptance, availability of exchanges and wallets, government regulation, DeFi acceptance, financial services, transparency, crypto spending, and bank activity in crypto are also considered when producing the ranking.

In June 2021, El Salvador, which was nowhere in Coincub’s Global Crypto Rankings in September 2021, made the decision to declare Bitcoin a form of legal tender.

This step into the unknown, which established economies are reluctant to take, has placed the country in 9th place in the crypto rankings.

So far, no other country has declared some form of crypto as legal tender, and most classify it as a digital asset, commodity, or property.

To see the latest ranking compared to that published only three months ago, the position movements demonstrate the volatility of the currency and the hesitations of countries on the digital currency.

In this quarter’s ranking of the world’s fastest growing crypto countries for 2021 / Q4, Singapore moved from third place to first place and Australia moved from sixth place to second.

Coincub

Thanks to its booming crypto economy, positive legislation, and the world’s second highest percentage of the population owning cryptocurrencies, Singapore has taken the top spot. The country also has a clear government strategy and regulations to reassure shy crypto investors.

Third on the list is the United States with 1,821 Bitcoin nodes, 25,956 crypto ATMs and the only publicly traded crypto exchange (Coinbase). The United States lost its first place due to uncertain legislation around the currency.

About 8% of the world’s crypto owners live in the United States, second only to Singapore and El Salvador.

China has banned crypto trading and transactions, officially ending its involvement in the crypto economy and relinquishing its position as the most prolific Bitcoin mining country in the world.

China is now ranked last on the list, followed closely by Russia, which has banned the use of crypto to purchase goods and services.

Coincub CEO Sergiu Hamsa said: “Events are unfolding at breakneck speed in the crypto economy. In the last few months alone, bitcoin has reached new heights, driving renewed demand around the world; El Salvador has declared bitcoin legal tender and China banned altogether. “

Coincub predicts that there are a few countries to watch: Sweden, which appears to be a cashless society, testing the CBDC e-Krona digital currency system.

In addition, Japan could consider a possible tax cut on crypto gains. This is an interesting turnaround from the position last year when Japan’s finance minister frowned on a crypto tax cut.

Other countries to watch could be Denmark at number 22 and India at number 25 in the rankings. However, this week, other countries could pivot their views on adopting digital currency after the Kleiman V Wright verdict, and the 2022 ranking could be completely different.

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