Singapore leads with the highest number of ICOs and blockchain-related startups. Its government is considered "more transparent and business-friendly" than others and boasts "blockchain-friendly" regulations.
London comes second given the support it has given to the blockchain ecosystem to compensate lost opportunities in the financial industry following Brexit. In addition, the UK capital has the second highest number of blockchain startups.
As for the third place in the top 10 cities, it goes to Swiss town of Zug, also known as 'Crypto Valley'. The city is considered a tax haven and is home to the Ethereum Foundation as well as 450 blockchain-related startups and organizations.
The cities that were ranked fourth to tenth are respectively New York, San Francisco, Berlin, Tallinn, Toronto, Dubai and Hong Kong.
Cohen based the list on Token Report's ranking of top 10 cities based on headquarters of projects completing a token generating event, or ICO, the Global Startup Ecosystem Report 2018.