Known as the world’s oldest neutral country, Switzerland is also the epicenter for ICOs. Four of the five highest grossing ICOs have been launched in the country, according to the Crypto Valley Association (CVA) due to its relaxed stance on cryptocurrencies. Here, cryptocurrencies are considered assets rather than securities. Note that this is one of the most important distinctions in regulations as many more rules are imposed on securities and more protections are put in place for investors.