Blockchain conference, BlockShow Europe 2018 has released a study identifying the top 10 European countries for starting a blockchain company. Switzerland is number one on the list, due to its positive regulatory dynamics and forward-thinking position on setting government guidelines for crypto startups. The country has been a hotbed for crypto innovation as home to Zug’s “Crypto Valley.” Gibraltar and Malta round out the top three due to similar dynamics and government participation.

The study looked at 48 European countries in total, analyzing different aspects to determine which of them promoted blockchain and cryptocurrency advocacy, while also looking at actual regulations set in place for the growing blockchain sector. The official criteria used examines Initial Coin Offering (ICO) regulations, regulations on cryptocurrency as a form of payment, as well as the taxation of cryptocurrencies.

Not far behind on the list is the United Kingdom at number 4, Denmark at number 5 (with 0% tax on cryptocurrencies), Germany at number 6 and Portugal at number 6 (where income from crypto is not taxed). Finally, Finland (where virtual currencies are exempt from VAT), the Netherlands and Belarus (where cryptocurrencies are tax exempt through the year 2023, and smart contracts have been declared as legal documents) round out the top 10.

You can read the full list here.