Race to Acceptance
Market Meditations | May 20, 2022
Most people in the crypto space blindly assume that crypto will one day be universally accepted, but is anybody tracking progress?
- There are plenty of opinion pieces on what needs to happen, but nothing as tangible or complete as they could be.
- Coincub is a site that provides exchange advice per country, and has issued a ranking list for crypto acceptance is based on nine parameters, including: regulation, tax, bank activity, wallet availability and DeFi acceptance.
- The Q1 2022 version put Germany top of the list (pushing Singapore down into second) after the domestic savings industry suggested crypto investments would be part of their future offerings.
- However, like most countries in the list, they still suffer from a lack of DeFi adoption. Only Australia and Canada score well on this, where the list of advocates is growing.
- The USA ranks third but leads in domestic mining. It also scores lower for investor transparency.
- Several European countries reportedly have advantageous tax regimes, including Hungary, Cyprus, The Netherlands, Malta and Portugal.
- The UK ranks 11th, predominantly because banks are cautious about crypto.
- Surprisingly El Salvador only ranks 36th, due to the weighting of the overall strength of the crypto economy in-country and evidence of sensible policies.
Someone else thinking more about crypto regulation these days is Andre Cronje – read his latest thoughts here.