ICOs received much fame in the last ten years, so people use ICOs as a better investment to raise capital. But due to scam and fraud risks, some countries have banned ICOs like China and South Korea. And those countries which allow ICOs, like America and the USA, pass strict regulations for its use. The future of ICO will prove to be the best in countries with minimum regulatory intervention in blockchain products. It will be worst in those countries that will have a maximum regulatory intervention.
In Switzerland, the government is very much supportive of ICOs. Rather than imposing bans and general strictness in the case of laws, they are very supportive in the case of blockchain currencies. The town of Zug in Switzerland is now known as the crypto valley because a high number of ICOs have taken place there. The crypto business in Switzerland has flourished in the past few years and is controlled by FINMA. Swiss people are becoming prominent investors in Crypto markets.
In Singapore, the business of ICOs is very friendly because of the conducive environment they have for ICOs.If a person in Singapore wants to start ICO, he should first get his company registered to obtain KYL and AML compliance and then work out with ICOs.Furthermore, the government in Singapore offers social benefits. For example, corporate tax is 17%. Those who are early starters will also have access to Singapore’s technologies and highly skilled workforce
Among the powerful countries in the world, Russia is an advocate and campaigner of the crypto market. It is soon going to introduce its coin. President Vladimir Putin has shown his interest in Etherium. So despite being a communist country, it has provided a friendly environment to ICO, resulting in a flourishing future of ICOs and cryptocurrencies. The Russian government is also making arrangements to create a big cryptocurrency market in Russia shortly, which will create a positive image of Russia towards cryptocurrencies.
Estonia is regarded as the top country to launch ICO because it has no regulations against those who hold crypt currencies; thus, it provides full freedom to investors, buyers and sellers. Secondly, Estonia has a great friendly stance towards cryptocurrencies. Their support for cryptocurrency was highlighted when their country proposed the idea of creating their cryptocurrency.
The British Overseas Territory of Gibraltar is successful in controlling ICOs. In Gibraltar, the cryptocurrencies are managed by Gibraltar Financial Service Commission. The most important aspect of this control is that tokens are lawfully identified as a commercial product unless a cryptocurrency is considered a security. This embarks on a great relaxation and accessibility by the public and making Gibraltar a perfect place for ICO business and its future .
Iran is one of the most unprivileged countries due to the sanctions of the US. They cannot trade because of the permanent bans by the US, so they decided to install Bitcoin mining plants in their country. It caused a great profit as they earned nearly 1billion a year, making their economic condition stabilized. Furthermore, it also helped Iran to pay off its loans, so the future of ICO in Iran is bright if the illegal mining stops and the country starts focusing on recreational ways to generate more revenue through cryptocurrency.
India is considered a country with the world’s second-largest population, due to which the poverty index is much higher than other countries. The economic stability for a country having a population of more than 1200000000 is necessary, so the Indian government also started to promote ICO, and they earned a revenue of $241 million from bitcoin.