INCREMINTS ICO JURISDICTION SURVEY

3 December 2017

What is the most popular jurisdiction for conducting ICOs?

As lawyers will tell you, there is no perfect jurisdiction for everyone. In each case, a number of factors (tax
considerations, applicable regulation, team location, reputation, etc.) need to be considered.

For our survey, we have analyzed the top 100 coins (by market capitalization, as listed on https://coinmarketcap.com as
of 1 November 2017). We started at the top and continued until we were able to match 50 coins to particular
jurisdictions. A large number of ICO issuers do not provide any information about a legal entity behind the project. One
could assume that this is often due to the fact that there is no legal entity at all. Look for a report from us in the coming
weeks addressing the risks associated with this approach.

The information below is not a recommendation to use any of the listed jurisdictions. Please speak to your lawyers
before selecting the one suitable for your project. We have done our survey to highlight existing trends.

Stay tuned for more information! You can sign up for updates and new brochures at www.incremint.io.

Jurisdiction No. of ICOs

United States 10
Singapore 9
Switzerland 8
Estonia 6
20% U.S
Cayman Islands 4 26%
Singapore
British Virgin Islands 2
Switzerland
Netherlands 2
18% Estonia
United Kingdom 2 8%
Gibraltar 1 Cayman Islands
12% Other
Hong Kong 1 16%
Ireland 1
Liechtenstein 1
Scotland 1
Slovenia 1
St Vincent and Grenadines 1
Total: 50

Contact us for more information about the survey and/or Incremint.io:

Peter Khokhlov Andrei Danilov

pkhokhlov@incremint.io adanilov@incremint.io

Disclaimers: Our research was limited to publicly available information. We have not verified the correctness of information about
the corporate structures used by relevant ICO issuers. As we conducted our survey based on current market capitalization of coins,
we were analyzing completed ICOs. As a result, it was difficult to verify the corporate structure at the time of actual coin sale. Coin
sale terms and conditions were often missing (presuming they were available at the time of coin sale). As a result, there might be
some discrepancies between our findings and the corporate structure at the time of coin sale.

About Incremint: Incremint was conceived for the purpose of enhancing ICO accountability by offering blockchain-based escrow
mechanisms for the ICO fundraising process. Issuers will direct a predetermined portion of the raised funds to be escrowed into
Incremint smart wallets. With a smart contract and the project under way, token buyers will vote to authorize a release of the
escrowed funds (both crypto and fiat) as Issuers complete their milestones. Incremint will be conducting its own ICO beginning
December 2017 and is sharing lessons learned from the process in a series of short articles. Follow us on Telegram at
t.me/incremint_news.