As ICO gain more and more popularity, entrepreneurs start to worry which country is best suited for running ICO. We understand that problem all too well, so our team wants to share conclusions from our own study conducted to help EXMO Coin build a solid legal foundation in its development.
Different countries refer to ICO differently. Some simply prohibit ICO and even close the crypto exchanges. Others, on the contrary, support the ICO, noting the promise of attracting investments, which, they believe, will help raise the level of small business development and, consequently, the level of technological development. Therefore, the choice of the country for the ICO is an important issue, which must be taken with utmost responsibility and after the consultation with professionals.
Let’s consider some of the best countries for conducting ICO. The best country for ICO, in our understanding, is the country in which the largest number of successful ICOs was conducted.
Under the successful ICO, we mean those who:
1. collected more than 10 million dollars;
2. function successfully;
3. do not have legal problems;
4. are not fraudulent projects.
According to our data, the leaders in the number of successful ICO registrations are:
• Singapore;
• Switzerland;
• The Cayman Islands.
Singapore
The first country on our list is Singapore. Right now Singapore is rapidly developing and ranks 7th in the world with GDP per person rating as of the 2017 year, and is often among the best countries in the PISA test. Singapore is one of the technological leaders in Asia, which undoubtedly increases the attractiveness of blockchain projects.
Switzerland
The second country on our list is Switzerland. Switzerland is known for its economic and political stability and proved to be the second most popular country in our study. Despite the fact that Switzerland’s normative position regarding the ICO is not entirely clear, ICO projects often choose Switzerland as a country for registration.
The Cayman Islands
British overseas territory is also popular among ICO-projects. At the moment, there is a certain degree of legal ambiguity in the cryptosystem of the Cayman Islands, as regulators need time for its structural development. Now the implementation of the supervisory structure is postponed in order to attract more financial enterprises in the shadow legal environment.
ICO initiatives with a clear set of objectives and well-structured “roadmaps” will be most successful because of active legislation and regulations of the Cayman Islands.
Conclusion
Note that in all of the countries we select, ICO tokens are not classified as securities, and there are also communities or government agencies that encourage the development of blockchain technologies.
Of course, the legal field is constantly changing, and there are no absolute guarantees that in one of the above-mentioned countries there will not be a sudden change in policy towards the ICO. However, we believe that these countries have a fairly stable economic and political structure, their positive attitude towards startups in the field of cryptocurrency and blockchain technologies is unlikely to change in the next few years.
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