Although Switzerland does not yet have a regulatory framework for ICOs, the government has expressed its interest in developing the right environment for blockchain-based projects. A working group is being set up that considers the effects of different regulations on the market. Being set up in Switzerland also adds a certain credibility to the project as the Swiss government is closely monitoring the coin offerings. In September 2017 Swiss Financial Market Supervisory Authority announced that it would start an investigation of some ICOs. Furthermore, Switzerland has always been a favorable place for startups. The country’s legislation, in general, is set up to support small companies. The political stability in the country is another great factor to choose the country for an ICO.
The country with the most ICOs per capita, Estonia, has been often cited as the best country to launch an ICO. The Estonian government has actively promoted the digitization of processes for a long time. Elections in the country are done through the internet and the regulations allow for people to set up and manage companies in the country remotely. Although some investors might be scared off by the political volatility, Estonia does create all the benefits to attract blockchain based projects.