I know Malta want to be a base for crypto in the past but what advantage can they offer.   Would cost of power be quite relevant still, there is surely some cost perhaps labour that is most vital to crypto.

Switzerland could be good just because it has a fairly open attitude to all business.   Classing crypto as securities means it would not normally be handled by ordinary public where as money usually is, but this also depends how much difficulty they put into anyone holding securities as a free member of the public.    I assume there is no great difficulties to do so and its purely a disclaimer type difference