Network States

What are the best jurisdictions for crypto in 2025?

Just finished updating our internal guide on this topic. But here’s the summary:

🇻🇬 BVI — the go-to jurisdiction for token issuers due to its permissive legal framework.

🇰🇾 Cayman Islands — popular for their flexible Foundation Companies. Suitable mainly for large DAOs.

🇵🇦 Panama — the Wild West of crypto, with zero regulations. Polymarket and many others are based there. Panama also has private foundations similar to Cayman Islands, which are used by DAOs.

🇺🇸 US — ideal for startups not engaged in regulated activities (e.g., blockchain scanners like Dune). Many ‘DevCos’ or ‘LabsCos’ are still based in the US even if they have affiliated offshore structures elsewhere.

In the past, the US was a no-go for companies looking to issue tokens. It is starting to change. Wyoming is leading the charge with DAO LLCs and DUNAs.

building skala.io, partner at buzko.legal

What about Próspera, Honduras? It's a relatively new economic zone that seems friendly to crypto.

This is actually beyond my circle of expertise. I will withhold my judgment for now, but one specific downside that I am aware of is that no bank in the world will open a bank account for a Prospera company.