Thanks! your answer was very useful, I'm from Italy and I did some research, Estonia and Malta are the best options for eu based companies, however both require a license, it may take up to 1 year to get it.
I did some research as well on ICO and to set up an ICO is very expensive, plus I don't need millions of dollars to be fair to run this project so I decided not to go with it.
I really want to be regulated but I don't really want to wait a year, that's the main issue.
My business model is not exactly based on an exchange it's more like a real trading platform (think it like forex), so I need something different according to the lawyer I have been speaking to.
They told me I need a license called VFA (malta).
It's very interesting the fact that if I register the company here in Italy I don't need a license, I didn't know that, so I will look for it.
Thank you again.