A report by Coincub has said that Australia is the third largest cryptocurrency economy with only Switzerland and Germany ahead.
According to the report, Australia has one of the strongest cryptocurrency economies in the world in terms of all-round data that includes positive government legislation, reasonable taxes, and wide acceptance of crypto payments for services.
Germany and Switzerland took out the top two spots because of their “positive crypto outlook” but Germany finished at number one mainly because anyone who holds crypto for over a year doesn’t need to pay tax.
“Based on a wide range of ranking criteria, Germany has a positive crypto outlook and is one of the strongest all-around ‘traditional-tax’ crypto economies – as opposed to pure tax havens, for example,” the report said.
“Along with Switzerland, it has taken an early and positive stance on crypto, looking to clarify policies to deal with the phenomenon from its earliest days, whereas many other countries adopted – and still embrace – a wait-and-see attitude.”
Switzerland made its way up the list after the Canton of Lugano announced they would make Bitcoin a legal tender. The country is also the home to the world’s largest concentration of crypto and blockchain organisations says Coincub.
Also in the Top 10 are the UAE, Singapore, Malaysia, United States, Hong Kong, Bahamas, and Taiwan.
Looking into the future, Coincub says Nigeria and countries within Central Africa will be major hubs for cryptocurrency and that currently almost 50 per cent of Nigerians own some kind of crypto according to a Statista study.
More countries where crypto is expected to take off is Liechtenstein, the Netherlands, Slovenia, Bermuda, and Turkey while the report says more crypto options are also being introduced worldwide.
“Overall, the world has now seen the addition of some 540 new crypto coins, admittedly, many will not begin to reach the heights of Binance or Ethereum.
“The world has also added 52 crypto exchanges and 233 new crypto companies – all in Q3 2022.”