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Germany has been named the world’s most crypto-friendly country, overtaking the city-state in Coincub’s global rankings for Q1 2022.

Crypto-friendly countries are those that actively create a legal framework in which cryptocurrency can thrive, while boosting consumer confidence and reducing the risk of fraud.

Singapore dropped to second place due to government decisions to restrict crypto services advertising by Virtual Asset Service Providers (VASPs) outside of their websites and a clampdown on Bitcoin ATMs. The country ranked highly in institutional acceptance, financial services, wallet availability, crypto spending, regulation, bank crypto activity and transparency, but fell short in DeFi acceptance.

According to Coincub, there are 47 crypto exchanges based in Singapore, as well as 127 bitcoin nodes. Some 9.4% of the country’s residents own cryptocurrencies.

“There may be more to come in the pipeline regarding crypto legislation. Whether this will be a more balanced approach to raise awareness and moderate rather than moves to inhibit crypto trading remains open but wither may be forthcoming,” Coincub said.

The U.S. now sits in third, followed by Australia, Switzerland, and Hong Kong. Q4’s biggest faller, China, is still rooted at the bottom following its widespread ban on trading and mining crypto. Up-and-coming contender UAE, which is luring many companies that were considering a base in Singapore, is a new entry at 22nd position.