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Why Germany is the most Crypto-friendly country?

Why Germany is the most Crypto-friendly country?

From skepticism to the excitement for Cryptography: What factors contributed to Germany becoming the most appealing Crypto-friendly country for investments?

In Q1 2022, Germany has moved to the top of Coincub’s list of the most Crypto-friendly countries. The European country permits its long-term domestic savings industry to use Crypto investments. Thanks to its zero-tax policy on long-term capital gains from Crypto, its number of Bitcoin and Ethereum nodes is second only to the United States.

Do you like to know about the best Crypto-friendly country? Stay with Antidolos latest Blockchain news for more info.

Blockchain adoption

Germany was the first country to adopt a Blockchain strategy in 2019 to capitalize on the technology’s potential for advancing digital transformation and to help the Crypto-friendly country become a desirable hub for the development of Blockchain, Web3, and metaverse applications in fintech, climate tech, business, and government technology, including Germany’s digital identities project.

The German Savings Banks Association represents 400 savings banks across Germany. It has begun building fintech Blockchain apps that will allow consumers to purchase and trade Cryptocurrencies. Various firms have developed NFT, metaverse, Web3, govtech, and Crypto payment apps commonly utilized in e-commerce to buy items, including Volkswagen, About You, SAP, BrainBot, and BigchainDB.

Roundhill Investments, an ETF sponsor, focused on special thematic funds, launched the Roundhill Ball Metaverse UCITS ETF on the Deutsche Börse Xetra, presenting it as Germany’s first metaverse exchange-traded fund to help support the development of these technologies. In addition, the Fund Location Act in Germany permits pension funds, insurance firms, family offices, and corporate investment funds to invest up to 20% of their assets in digital assets.

Crypto-friendly country adoption

Approximately 2.6 percent of Germans utilized Cryptocurrencies as of the end of 2021. According to recent research by KuCoin, 44% of Germans are looking to invest in Cryptocurrency.

Also, german investors can involve in Crypto and Blockchain through companies and platforms like 1inch Exchange, Nuri, FinLab, Minespider, the NAGA Group, Tangany, Coindex, CryptoTax, Upvest, Fiona, Blocksize Capital, USDX Wallet, Bitbond, and also the Iota Foundation. Or they can shop with Dash on Sugartrends.

Besides, Germany is one of the top ten nations for Crypto mining, and Northern Data is the European Union’s largest mining firm. It’s nearly entirely using renewable energy. As a business, Crypto-friendly country mining has taxes.

Startups

Denario and Penta, Cologne-based Nextmarket, and Frankfurt-based Northern Data are among the many Blockchain startups in Germany’s Crypto-friendly country capital, Berlin. A fintech angel investor, Christian Angermayer’s Apeiron Investment Group, is backing Berlin-based Denario and Penta, Cologne-based Nextmarket, and Frankfurt-based Northern Data.

Paycer, a financial business focusing on Cryptocurrencies and decentralized finance located in Hamburg, is working on a bridge protocol that will connect DeFi and cross-chain Crypto services with regular banking services.

Forget finance, a Berlin-based fintech firm, encourages young people to save and invest in Cryptocurrency through online coaching that combines AI bots and genuine financial professionals.

Central bank digital currency for Crypto-friendly country

According to a poll conducted by the Deutsche Bundesbank, German customers’ percentage of cash payments in point-of-sale transactions fell from 74 percent in 2017 to 60 percent in 2020. As a result, the Bundesbank has begun experimenting with distributed ledger technology for asset settlements. Meanwhile, the European Central Bank is investigating the possibility of constructing a CBDC called the digital euro. Security and general acceptability are significant issues, according to a recent study commissioned by the ECB and based on consultations with panels of EU residents.

Non-fungible tokens and the metaverse

The metaverse is the third wave of Web3, and it’s transforming the way people communicate, socialize, work, play video games, donate to charities, buy and trade non-fungible tokens, and go to concerts, sporting events, and conferences. The ZKM Center for Art and Media in Karlsruhe purchased several NFTs in 2017, far ahead of the 2021 frenzy. It is currently displaying works from its collection and private lenders on the “ZKM Cube,” an outdoor, publicly visible cube-shaped screen. In a conversation with me, Margit Rosen, head of the ZKM’s collection, archives, and research department, revealed the specifics.

Since the start of the NFT craze, Adidas has partnered with the Bored Ape Yacht Club and Prada to create a philanthropic climate-focused NFT art project on the Polygon Blockchain to promote awareness. Volkswagen, a German (Crypto-friendly country) automaker, has created a successful interactive NFT marketing campaign.

Who are the leaders in Metaverse?

Utherverse has been constructing and maintaining an online virtual world community where one may connect in real-time, attend events, and establish a company since 2005,” Brian Shuster, founder, and CEO of Utherverse told me. For the ultimate metaverse experience, Utherverse has blended the finest of the internet, gaming, and virtual reality. Secret City, for example, is a game created by Utherverse Digital IncGermany accounts for about 81 percent of its users. We are the indisputable leaders in metaverse architecture and VR economics, having generated over 100 patents and pending patents for key internet technologies and the metaverse.

There’s a lot of hype about the metaverse out there, and most organizations claiming to deliver properties and token coins have grossly overestimated the difficulty of the task at hand. Almost every corporation that has attempted to create a metaverse has failed miserably. “In Q2 of 2022, the third generation of Utherverse will be launched, along with its utility token.

Illicit use of Crypto-friendly country

Germany is a member of Europol’s Joint Cybercrime Action Taskforce, which is tasked with combating cross-border cybercrime.

After receiving a tip, Germany’s Federal Criminal Police Office, or Bundeskriminalamt, shut down Hydra, the world’s largest illicit dark web bazaar.

Since its inception, Hydra has enabled approximately $5 billion in Bitcoin (BTC) transactions. Following Germany’s decision, the US Treasury Department imposed sanctions on Hydra as part of a concerted international effort to “disrupt the propagation of destructive cybercrime services, deadly narcotics, and other unlawful offers” available through the Russia-based website.

The takedown of Hydra is remarkable not only because it was the world’s largest darknet market, but also because it provided money laundering services that allowed bitcoin to be converted into Russian rubles,” said Gurvais Grigg, Chainalysis’ public sector chief technical officer.

Regulation of Crypto-friendly country digital assets

Germany is one of the few European nations to begin regulating Crypto-friendly country ahead of the European Union’s Markets in Crypto Assets (MiCA) law. Germany’s Crypto custody regulation requires those who control private keys on behalf of others and serve the German market to obtain a license from the Federal Financial Supervisory Authority, regardless of whether they hold other similar rights within the EU, according to Robin Matzke, a lawyer and Blockchain expert who advised the German Bundestag.

The EU’s new Transfer of Funds Regulation also includes “unhosted” wallet requirements. Which are not controlled by a custodian or centralized exchange.

Last words about Crypto-friendly country

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References:
https://cointelegraph.com/news/here-is-why-germany…

https://www.investing.com/news/cryptocurrency-news…
https://www.indiatimes.com/worth/news/germany-ranked…

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