I’m trying to find the way to understand where ICOs have been conducted.

Though there are many articles written on how favourable a country is to the practice of ICO (eg. http://fintechnews.sg/12836/blockchain/the-state-of-icos-around-the-world/), I haven’t yet found sufficient information on where exactly ICOs have been launched.

My understanding is that, since ICOs are conducted on the Internet, it is the geological location where the project team is located that is important in terms of regulation.

For example, I understand that Ethereum was launched “in Switzerland” since its team (Ethereum Foundation) is apparently “located” in Switzerland.

However, there are other projects whose “birthplace” is not clear.

For example, IOTA has seven main developers in total but their geological locations aren’t limited to one particular country (Germany, the US, New Zealand etc).

I’d appreciate it if someone could provide some insight into how to recognise where an ICO is launched.

Thank you.