The study ranked Switzerland and Singapore second and third, respectively.
This is according to a press release which was made public on Saturday, July 14.
Crypto Finance Conference analysts used publicly available data of the top 100 ICOs by country to compile the research.
100 highest grossing ICOs
Basically, the list consists of the 100 highest grossing ICOs and then ranks each country by number of projects featured in the list.
So, of the 100 projects on the list, 30 were launched in the U.S., 15 took place in Switzerland, and 11 were held in Singapore, respectively.
This method of representation is perhaps a tad misleading as it is based purely on the size of the ICO, meaning the amount of money raised.
Just because more blockbuster ICOs have taken place in these countries, does not necessarily mean that they are the ‘most favourable’ for all token sales.
‘Most favourable’ for all?
To suggest that these countries are the ‘most favourable’ to launch an ICO of any size is misleading; if you have the money to effectively navigate the heavy regulation currently in place within the U.S. then yes, you may stand to make the most money there.
However, for smaller projects, a smaller country with looser regulations - Gibraltar, for example - may well be a better fit.
The projects that raise the most money tend to have the most money and support behind them in the first place.
Take Telegram, for example, which, despite subsequent legal difficulties, raised a whopping $1.7 billion.
Yes, the ICO was incredibly successful but Telegram was already a massively successful messaging app service so had an obvious advantage over smaller, lesser known projects.
Russia, Estonia and the UK
The report also features Russia, Estonia and the UK as up-and-comers, in terms of promising countries in which to launch token sales.
The largest ever month for ICO investment took place just four months ago, and 2018 has also seen the time taken to complete and ICO, and success of these projects, shift significantly since last year.
ICO volumes reached new records in the first half of 2018, amounting to already twice as much as it was during the entire year of 2017.