The rise of cryptocurrencies, in the last few years, has been truly meteoric. Initially, both the speed at which the new market emerged and grew and the unfamiliar nature of the methods by which it functioned took regulators and national governments by surprise.
Over the last year, however, there has been a noticeable trend towards tighter regulation – noticeably in the area of ICOs – and governments such as those in China and South Korea have banned the sale of digital coins entirely.
While certain countries and international jurisdictions have long been regarded as more ‘crypto-friendly’ than others, many of these are also beginning to talk in negative terms about the market, especially in regards to ICOs. There are, however, two locations in particular which clearly come out as the best and safest choices for investors and these are likely to remain ‘safe havens’ into the foreseeable future.
The first of these is Switzerland. With its long tradition of economic forward-thinking and its reputation as a financial haven, it is perhaps no surprise that the nation is keen to present itself as ‘open for business’ as far as cryptocurrencies are concerned. The Southern region of Zug, in particular, is known for its friendly attitude towards ICOs and the majority of high token sales worldwide have been carried out by companies registered in this jurisdiction.
Noted, again, for its tradition of economic liberalism within the South East Asia Region, the city-state of Singapore is the other recommended ‘safe-haven’. Again, like Switzerland, its national character and economy depend to a great extent upon maintaining its status as a refuge and hub for free and innovative trade of all sorts within the surrounding region. This is reflected in the fact that it actually attracted slightly more cryptocurrency start-ups than even Switzerland in 2017, registering a total of 21 entities this year alone.
With all of the above, it is more important than ever that investors are informed about where it’s safest to do their business and the nations of Switzerland and Singapore are certainly the safest bets in the current climate of financial stringency and regulation especially as regards ICOs.