Even as governments around the world crack down on initial coin offerings (ICOs), international tax havens are embracing them. (See also: China's ICO Ban Prompts Other Nations to Reconsider.)

Gibraltar is priming itself as an attractive destination for ICOs. With one of the lowest corporate tax rates in the world, the British overseas territory is already a favorite for companies interested in evading taxes at home. It recently released a statement on ICOs describing the process and its conditions. According to an attorney quoted in a Fortune article, Gibraltar is positioning itself as an attractive destination for ICOs. In a May presentation, Gibraltar's Minister for Business and Employment Neil Costa also outlined his territory's plans to attract blockchain entrepreneurs and ICOs.

Isle of Man, another tax haven, has developed a "permissive regulatory apparatus" for the ICO industry, while the Cayman Islands are popular within the cryptocurrency‚Äč community because the territory does not regulate ICOs as securities and has fairly loose anti-money laundering requirements for compliance. (See also: Taking a Look at Tax Havens.)

Finally, Switzerland, another neutral territory for tax specialists, has a vibrant ecosystem for cryptocurrencies. It already allows residents to pay in bitcoin and bills itself as an "epicenter" for the ICO revolution. Last month, the Crypto Valley Association said it would develop an ICO code of conduct to bring greater transparency and sidestep future regulatory problems. (See also: Switzerland's Declining Tax Haven Appeal.)

Initial coin offerings offer the usual set of benefits for tax haven destinations. For example, registration and licensing fees could add up to a tidy recurring revenue for tax haven governments. ICOs also belong to an emerging fintech ecosystem that could become big in the future. Getting early into the game will help these places establish credibility and help them update their perspective as far as changes in the financial ecosystem are concerned. (See also: 3 Ways Tax Haven Governments Make Money.)

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