In response to national regulators that are scrutinizing initial coin offerings, many blockchain entrepreneurs hoping to raise funds in token sales are locating their teams in increasingly remote locations. Dozens of startups have flocked to Singapore, Switzerland, Eastern Europe, and the Caribbean - and the NYT profiles a business that just moved to the East African island of Seychelles.
The United States leads with 34 digital currency start-up registrations so far this year, but that reflects Silicon Valley's role as a technology hub and the depth of U.S. financial markets rather than a welcoming regulatory climate. Singapore registered 21 entities, up from one in 2016, followed by 19 in Switzerland, up from three last year, according to Smith + Crown. Central Europe saw 14 companies registered this year, compared with one in 2016 and the Caribbean hosted 10, up from two last year. "The data affirms our sense that Switzerland and Singapore remain go-to locations, but the U.S. could remain for companies raising large amounts of money," said Matt Chwierut, Smith + Crown's research director.