Countries Hosting the Most Crypto Businesses

Countries Hosting the Most Crypto Businesses 1024 500 Crypto Rand Group
Crypto Business

This study explores and discusses the top countries involved in crypto businesses and how they are helping in the growth of the industry.

Cryptocurrencies and blockchain technology is the most innovative invention of the current century and has gained massive growth in the last decade. In 2010, an unknown person auctioned 10,000 BTC for a value of $50 but could not find any buyer. But after 10 years it has become a billion-dollar industry as the world has realized the importance and benefits of this disruptive technology.

The year 2020 has just started and it seems like the crypto industry will be different by the end of the year, with blockchain facing increased scrutiny from the regulators. Increased regulatory compliance requirements have caused many startups to exit from the market but on the other hand, it is giving crypto and blockchain industry greater clarity, solid market footing and increased confidence to the institutional investors.

Crypto-friendly countries

In most of the countries, crypto businesses are facing major regulatory challenges as governments have a fear of losing control of the country’s economic system but governments of countries like Japan, Switzerland, Malta, Singapore, Luxembourg and Hong Kong have recognized the importance of this industry and providing a healthy environment to conduct businesses. Major crypto businesses might not belong to these countries but several blockchain companies have moved to these countries to smoothly run their operations.

Countries with Most Crypto Businesses

The first-ever Bitcoin exchange was launched in 2010 with the name of with an initial price of $0.003 per Bitcoin only. After that 2013 was the year when investors started taking the crypto industry seriously and 2017 was the year when this industry went viral. The investment that came into the crypto industry in 2017 was far higher than the total investment this industry received from 2010-2016.

  • Country-wise ICOs Numbers

According to, there are more than 5,700 ICOs launched to date raising over $27 billion and the USA is on top of the list with 717 ICOs raising over $7.3B alone. Singapore stands at second place with 583 ICOs raising over $2.5 billion. Below you can find the list of top 10 countries involved in ICOs.

Sr. No.CountryNo. of ICOsFunds Raised (millions)
1United States717$7,347
3United Kingdom506$1,523
7Hong Kong184$646
8Cayman Islands119$1,337
9British Virgin Island71$2,456
  • Country-wise crypto exchanges stats

Crypto exchanges are the main starting point for any country to get involved in the crypto industry. The number of crypto exchanges in a country depicts the attitude of residents and government towards the crypto and blockchain industry. 

Although the total centralized and decentralized crypto exchanges are in thousands, a study that focused on top 300 crypto exchanges with more than 1,000 transactions has ranked the UK on top with 43 crypto exchanges in the country while the USA is at second place with 27 exchanges. Hong Kong and Singapore are also in the top 10 list like both were in the number of ICOs list given above.

  • Country-wise crypto funds

Investments made by venture capital and hedge fund companies in any industry in a country is another tool to gauge the country’s interest in a sector. According to a research report by PWC, there are a total of 812 crypto funds registered worldwide. Out of those 812 crypto funds, 421 are venture capitals, 369 are hedge funds and 22 are private equity companies. There are only two companies in this sector with more than 1 billion dollar assets under management and both belong to the US. The US is on the top with a fair margin and China/Hong Kong is ranked at 2nd place.

All these numbers clearly show that the United States, China/Hong Kong, United Kingdom and Singapore are the top countries hosting crypto businesses. We will take a look at major crypto businesses belonging to each of these countries and will determine their contribution to the growth of the crypto industry.

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