Which Countries Are Best to Start Blockchain Projects?

Thus, because of the global nature of blockchain products, it is unnecessary to worry about a regional customer, but rather it is important for blockchain projects to examine the legislation, the atmosphere and approach from the community, fees, and a myriad of other factors in different countries to see which will aid them in realizing their outcomes.

Places like Switzerland, Malta and Bermuda are actively adjusting and creating legislation to welcome blockchain projects.

On the flipside, there are countries that are trying to discourage and scare away of as many blockchain projects as they can, and it has been successful in many cases.

One of the first countries to begin building a regulatory framework for blockchain projects - and a crypto-friendly framework - was Switzerland.

In the year since Switzerland started making life easier for blockchain and fintech companies, there has been a big boom in these innovative projects.

"FINMA and the tax authorities have longstanding experience with crypto projects since the launch of the Ethereum TGE in 2014. In the meanwhile, they have handled a substantial number of ICO as well as more and more other crypto projects as exchanges and funds. Therefore, as a crypto team, you do not have to explain blockchain technology to these authorities, and they usually are up-do-date," said Meyer.

"Switzerland has a very tech-friendly approach on regulating the fintech companies, ICOs and cryptocurrencies. The Government has already stated several times that it aims to make Switzerland a regulatory-friendly place for blockchain companies. Switzerland hosts several blockchain companies and associations who advocates for a healthy regulation of the technology."

"The parliament is well aware of the phenomenon and urges the government not to miss the opportunity to be amongst the first countries to attract blockchain-related actors. The political stability of Switzerland makes it an ideal place to develop business in general. Besides the economic actors, several scholars conduct research in economics and law about blockchain in Swiss universities."

Since then, there has been an impressive level of growth for ICOs and blockchain projects.

Jack Keating, an attorney in New York and a former regulator at the Financial Industry Regulatory Authority, spoke to Cointelegraph about the challenges that ICOs and blockchain projects face in the U.S., and particularly in New York State.