[Translate] The best countries to conduct ICOs

In Japan, ICOs can no longer be conducted “legally” unless the operator is licensed by the Financial Services Agency, and even overseas-origin ICOs appear to be illegal for marketing toward Japan. Honestly, it’s a bit disappointing that the true value of ICOs has been somewhat diminished.

However, this is largely because fraud and similar abuses ran rampant. In a sense, it’s an unavoidable trend, and I now think that, as things stand, ICOs themselves could have faced even greater risk, so perhaps this turn of events was for the better.

This time, the ICO topic was a quite interesting investigative article, so I have translated it into English.

The Best Countries to Conduct ICOs

ICO (Initial Coin Offering) has drawn significant attention as a means for blockchain-related startups to raise funds.

One of the reasons it’s popular as a fundraising option is that it provides easier access to the funds held by investors compared to traditional methods. Previously, even if a company tried to launch its idea through conventional funding methods like IPOs, it was usually impossible to offer something sufficiently attractive to attract enough funds, and strict regulations often prevented a company from meeting the necessary conditions to participate in the market.

However, as access to investors’ assets became easier, many ICO projects have seen groups that raised funds suddenly disappear with the funds without delivering on promises, leading to widespread fraud.

Therefore, it’s natural that public opinion on ICOs is mixed. While supporters praise ICOs as an innovative way to gather investors’ assets, skeptics say ICOs become a breeding ground for Ponzi schemes and pyramid schemes.

Not only is opinion on ICOs divided among people, but countries also differ in their views. Some nations ban ICOs (and even close cryptocurrency exchanges), while others are trying to embrace a paradigm shift in startup fundraising.

This article will consider several of the best countries to start an ICO campaign. The analysis is based on our personal research of some of the most successful ICOs.

We define a “successful ICO” as follows:


The country with the most successful ICOs is the best country.