The most open and suitable jurisdiction for cryptocurrency companies in Europe is Switzerland. Belarus is among those ountries which enter the top 10.

Switzerland is called the most friendly country for cryptocurrencies, according to a study by BlockShow Europe 2018. The study analyzed the political, regulatory and business environment of 48 European countries. States were assessed by several criteria: ICO regulation, classification of cryptocurrencies as a means of payment, taxation. For each criterion, countries were assessed on a scale of 0 to 10, where 0 is the most negative estimate, and 10 is the most positive.

Switzerland managed to take a leading position due to positive regulatory dynamics in the canton of Zug in central Switzerland. It is often called the "Crypto Valley" due to the fact that the headquarters of such projects as Ethereum Foundation, Tezos, Dfinity, Bancor, ShapeShift and others are located there.

The main advantages of Switzerland are a stable, predictable and decentralized political system, low taxes, friendly rules for doing business, readiness of the Swiss Agency for Financial Market Supervision (FINMA) to support startups in launching their ICO if it suits with the Swiss financial regulation.

The top 3 of the rating also includes Gibraltar and Malta.

The Financial Services Commission of Gibraltar proposed at the beginning of this year a regulatory framework that regulates the activities of companies that use blockchain and work with virtual currencies. The local government seeks to position Gibraltar as a safe, secure and well-regulated place for doing business related to cryptocurrencies.

Also there are no taxes on capital gains or added value: entrepreneurs pay only income tax. As a result, many European start-ups and local companies dealing with cryptocurrencies and blokchain are registered on this British overseas territory.

Malta, which is ranked third in the rating, is in the process of developing regulation that should give the owners of cryptocurrency exchanges confidence. The rules will cover how brokerages, exchanges, asset managers and traders operate, making them among the broadest set of regulations for the industry.

In addition, Malta's current tax policy allows international companies on the island to pay a tax of only 5%. Because of this, some large companies associated with cryptocurrencies and blockchain announced that they will move their headquarters to Malta. For example, Binance, one of the world's largest crypto exchanges, decided to move to Malta.

The top 10 of the rating also includes United Kingdom, Denmark, Germany, Portugal, the Netherlands, Finland and Belarus. The latter managed to get into the top 10 thanks to the Decree on the development of the digital economy and numerous indulgences and benefits for cryptocurrency companies registered in its national High-Tech Park.