​Singapore becomes world’s top crypto country in latest world crypto rankings

Singapore becomes world’s top crypto country in latest world crypto rankings

The US has been knocked off its top slot for influencing the world's crypto economy, Australia stands at 2nd.

2021 has been a wonderful and a great year for crypto, with some sudden events happening to shake up however countries approach crypto and digital currency. Currently, the most recent crypto ranking shows that countries lead the world for crypto adoption. Now Ireland-based financial tech start-up Coincub disclosed its world global Crypto Ranking guide for quarter-4 2021.

The rating relies on social parameters like government policy, monetary sector acceptance, tax laws, laws, and legal needs. The ranking conjointly takes under consideration quantitative knowledge like crypto ownership, bitcoin ATMs, and payment opportunities. Ranking criteria focus on positive government legislation and therefore the willingness of thought banks to supply custodial services. These 2 factors demonstrate that ancient institutions are buying into the crypto house within a country.

Institutional acceptance, Exchanges and wallets accessibility, Government regulation, Defi acceptance, monetary services, transparency, crypto payment, and banks' activity in crypto is additionally taken under consideration once manufacturing the ranking. In June 2021, El Salvador, which did not rank anywhere in Coincub's world Crypto ranking in Sep 2021, created the choice to declare Bitcoin a sort of legal tender.

This step into the unknown, which established economies are reluctant to require, has placed the country in ninth place position within the crypto ranking chart. So far, no different country has declared any kind of crypto as legal currency, and the most reason it as a digital asset, goods, or property. On seeing the most recent ranking compared to it released solely 3 months ago, the movements in position demonstrate the volatility of the currency and countries' self-doubt over the digital currency.

In this quarter's ranking of the world's most dynamic crypto countries for 2021/Q4, Singapore goes to much loved from third place, and Australia touched up the ranking from sixth place to position 2. Thanks to its booming crypto economy, positive legislation, and therefore the world's second-highest share of the crypto-owning population, Singapore has taken the highest spot. The country conjointly features a clear government strategy and laws to produce support to crypto-shy investors. At position 3 within the list is that the USA with 1,821 Bitcoin nodes, 25,956 crypto ATMs, and it's the sole crypto exchange listed on the exchange (Coinbase).

The USA lost its much-loved spot because of uncertain legislation around the currency. Around V-E Day of the world's crypto owners live in the U.S., topped solely by Singapore and El Salvador. China passed a ban on crypto commercialism and transacting, formally ending its involvement within the crypto economy and relinquishing its position because of the world's most prolific Bitcoin mining country. China is currently stratified last within the list, closely followed by Russia, that illegal the employment of crypto for purchasing products and services.

Sergiu Hamsa, CEO of Coincub, said: "Events are moving at dangerous speed in the crypto economy. Within the previous few months alone, bitcoin hit new worth highs, driving revived demand worldwide; El Salvador declared bitcoin as legal currency, and China illegal it altogether." Coincub predicts that there are a couple of countries to watch Sweden, which seems to be a moneyless society trailing the CBDC e-Krona digital cash system.

Also, Japan can be designing a potential reduction of tax on crypto gains. This can be a stimulating turnaround on last year's stance once Japan's minister of finance disapproved a tax reduction on crypto. Other countries to observe can be the Kingdom of Denmark at position twenty-two and India at position twenty-five within the ranking. However, this week, different countries would possibly pivot their views on adopting digital currency when the Kleiman V Wright verdict, and therefore the 2022 ranking would possibly look completely different.

Top cryptocurrency news of the day

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Major cryptocurrencies were in the red during early trade on December 10. The global crypto market cap dropped to $2.20 trillion from $2.27 during the last 24 hours, while the trading volume rose to $106.65 billion from $105.35 on Friday, 10 December.

2. Softbank-backed Brazilian crypto company launches new venture unit

Softbank-backed Brazilian company 2TM, which runs the largest cryptocurrency exchange in Latin America, has launched a venture capital unit focusing on blockchain companies around the world, the company's chief executive officer said in an interview.

3. Crypto industry urges Parliamentary panel to introduce licensing for exchanges, KYC and FEMA norms for customers

Crypto exchanges have suggested that the government can regulate cryptocurrencies by introducing a licensing regime for exchanges and other intermediaries and bringing in strict norms to track funds used in crypto trading, Moneycontrol has learned from sources.

4. Binance in talks with Indonesia’s richest family for the crypto venture: Report

Binance Holdings Ltd., the operator of one of the world’s largest crypto exchanges, is in talks with PT Bank Central Asia (BCA), and state-owned PT Telkom to set up a cryptocurrency trading exchange, according to a Bloomberg report.

5. Visa launches crypto advisory service for financial institutions, merchants

On December 8, Visa Inc - the world’s largest payment processor - launched a global crypto advisory service for clients such as banks and also merchants, as the adoption of digital currencies gains steam.

6. Treat crypto or digital tokens as securities of special class: CII

Centralized exchanges and custody providers that may be established in India, must be required to register with SEBI and to adhere to KYC and AML compliance requirements that apply to financial markets intermediaries, it said.

Here are the Prices of the 10 largest cryptocurrencies (data from https://coinmomo.com)

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