Germany and the United States reportedly took the top spots in the most recent quarterly global cryptocurrency rankings, issued by analytics entity Coincub.

Specifically, both nations will reportedly now sit in the highest position in the ranking list, with Germany giving room for the growing U.S., having topped the first quarter rankings for 2022. The dominance they established is fueled by progressive regulatory environments, along with large-scale Bitcoin (BTC) investments carried out by mainstream institutions.

Coincub’s rankings reportedly counted points throughout nine total categories, which have a concentration on government, financial services, population, taxation, talent development and industry participants, trading, fraud and environmental potential. 

The existing ranking system reportedly rolled out new a wide range of sub-categories, nominally crypto education courses and initial coin offerings, to form a gauge with more comprehension.

Germany’s initiative to enable its savings sector to take advantage of crypto investments and benefit from a zero-tax policy on capital gains of Bitcoin and Ether (ETH) held for over 12 months was reportedly the primary factor that led to its journey to the top of the rankings in early 2022.

The U.S. previously took the third spot and now claimed one standing in the top rank, driven by President Joe Biden’s Executive Order on Ensuring Responsible Development of Digital Assets in March 2022. 

The directive reportedly seeks to ensure the responsible development of the space, provide consumer protection and financial stability, and combat illicit activity.

Coincub also mentioned high-profile investment company Fidelity’s initiative to introduce Bitcoin exposure as part of select American pension funds in April this year as a key driver in the nation’s rise to the top crypto rankings. Parallels were drawn with a move by Germany’s financial services firm Sparkasse to enable its 50 million users to buy Bitcoin directly from their bank accounts.