Initial Coin Offerings (ICOs) have gained quite a lot of attention recently as a way for blockchain startups to raise funds. As part of our ongoing series on the worldwide blockchain ecosystem, we’ll take a look at the geographic distribution of ICO projects and zero in more specifically at the current ICO landscape in Singapore. 


Geographic Distribution of ICO Programs collected and analyzed data of ICOs worldwide. As of August 15, 2018, of all the ICO programs that we can identify to date, there were 4280 total ICO programs across 115 countries and regions. Of these, 2715 total projects (63.4% of all ICO projects) were concentrated in the top 25 countries by number of ICO projects. 


Breakdown of the Top 25 Countries 

Let’s take a closer look at the top 25 countries by number of ICOs.  

The graph below lists the number of completed ICO projects in the top 25 countries and regions worldwide. The United States sits comfortably at the top of the list with 506 ICOs, almost double the number of ICOs in Russia (258). Similarly, there are currently 312 ICOs in the UK, a little under twice that of Switzerland (184). 



Case Study: Singapore 

Singapore (which boasts the 7th highest GDP per capita (as of July 1st, 2017)) sits third from the top of the list with 297 completed projects. The number of ICOs in Singapore not only surpasses that in Russia (258) and in Switzerland (184) — where the so-called “Crypto Valley” is located — but also just about equals the sum of the number of ICO projects in several other Asia Pacific countries and regions (Hong Kong (108), Australia (79), Japan (40), India (39), and China (35)).  

One of the reasons Singapore is on the rise for ICO issuance is that Singapore has embraced blockchain startups. The Monetary Authority of Singapore (MAS) (the country’s financial regulatory authority) stated last August that it would regulate digital tokens “if [they] constitute products regulated under the Securities and Futures Act (Cap. 289) (SFA).” 


Singapore Merlion via Wikimedia Commons