The British Virgin Islands, the Cayman Islands, and Seychelles are the most well-liked offshore financial hubs for cryptocurrency exchanges.
Depending on a recent research by CoinGecko, 21 out of the top 30 cryptocurrency exchanges, or 70%, are situated in offshore financial hubs.
Offshore financial centers are described in the study as "territories that strive to attract financial operations from overseas, using flexible legislation and low or zero-taxation schemes. The Seychelles, the Cayman Islands, and the British Virgin Islands are the most well-liked offshore financial hubs for cryptocurrency exchanges based on that description.
Global Distribution
The top 30 largest cryptocurrency exchanges are spread across 15 different nations, the survey claims. 11 out of 30 exchanges are located in North America, accounting for 37% of the total. Of these, four were formed in the British Virgin Islands, three in the Cayman Islands, and two in the United States.
Hong Kong is shown as the nation with the most crypto exchanges when the distribution is assessed on a country-by-country basis. Six out of the 30 major exchanges, or 20% of the total, are incorporated in Hong Kong.
With five and four exchanges each, Gibraltar and the British Virgin Islands are the second and third after Hong Kong. On the other hand, Seychelles is the home to OKX, KuCoin, and MEXC Global, three significant exchanges.
