It should be noted that the topic of choosing the best jurisdiction to launch and operate a cryptocurrency business is a hot topic right now. First, there are problems with the US Securities and Exchange Commission, which is actively suing cryptocurrency companies and threatening them with protracted proceedings. Secondly, other jurisdictions are awake and trying to get the attention of inconvenient entrepreneurs.

For example, from 1 June 2023, Hong Kong residents will be able to interact with digital assets by conducting trades with them without any problems. Well, this predictably attracts various companies looking to expand.

Earlier, Binance chief executive Changpen Zhao commented on the topic of the right place to do business. He made it clear that US regulators are seriously overreaching in their efforts to manage the coin niche, so cryptocurrency marketers from the US should consider moving outside of this state.

That’s exactly what cryptocurrency exchange Coinbase did. They initially obtained a license to operate in Bermuda, and this week they announced the launch of an international trading platform called Coinbase International Exchange. Read more about this event in a separate article.

Where is the best place to start a blockchain business?

In an interview with Decrypt, Greenfield co-founder Yasha Samadi noted that Europe is stubbornly becoming the best place to start a crypto start-up. Here’s a relevant line in which the expert shares his vision of what’s happening.

We are confident that the cryptosphere in the EU will continue to thrive, largely due to the adoption of the MiCA regulation, which will strengthen Europe’s position as one of the world’s most important industry hubs.

As a reminder, the Comprehensive Regulation of the Crypto Industry in Europe or MiCA is an important step towards creating clear rules for the governance of the digital asset niche. It was passed in the second half of April 2023, and prominent industry representatives have already supported its implementation. We wrote more about the situation here.

As a result of the global survey, 50 percent of respondents placed Lisbon in the top 3 of their personal rankings of the best places for crypto startups. Berlin and New York shared second place, with 35 percent each of survey participants casting their votes for those two cities.

It should be noted that New York is not an obvious choice, as the city has strict regulations for the digital asset industry, even in a market as challenging as the US. For example, it is where Paxos was registered, and its BUSD staple was banned from issuing in February 2023. This shows a lack of regulatory certainty, as BUSD has previously operated successfully in that jurisdiction without any problems.

When respondents were asked to choose one European city that they considered “most relevant” to the industry, Lisbon was again at the top of the list in the eyes of 35 percent of participants. Among the most popular reasons for choosing the Portuguese capital in this context were the strong development environment for DeFi projects and favourable tax legislation.

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The results of the Greenfield survey were published two weeks after the EU approved the so-called Crypto Asset Markets Bill (MiCA). It is the first attempt to create a single and comprehensive regulatory framework for cryptocurrencies among the 27 member states, which includes allowing any EU country to be licensed and then choose another state to operate from within the association. News about MiCA was the most important topic of 2023 for 70 per cent of respondents.

According to most participants, the main barriers to mass adoption of cryptocurrencies are poor user experience and regulatory issues on a global scale. The first is how difficult it is for a newcomer to understand crypto, and the second is the lack of an international set of rules to control the digital asset industry.

Overall, many respondents also remain optimistic about 2023. After the collapse of the crypto market in 2022, fueled by the bankruptcies of many major platforms and exchanges, this year should be a period to “cleanse” the industry of malignancies and recover before a new bull run. And it will come sooner or later, because market cycles are alive and well.


In our view, regulation of digital assets is still at a very early stage, while the US is trying to regulate crypto with the Securities Act of 1933. Obviously, sooner or later the importance of cryptocurrencies will be recognised globally, and then various jurisdictions will begin to develop adequate regulatory frameworks for the field. As Europe and Hong Kong show, this process has already started in certain locations.