“Crypto- and Web3-funds do not have any obvious national feature on the source of money. However, if we take statistically the top 10 large funds, then eight of them will be from the USA and two from Asia,” Ilya Maksimenko, CEO of Plasma.Finance, quotes statistics.

Matvey Voitov calls the UAE (in particular, Dubai) the leader in the number of projects in the field of crypto and blockchain in addition to the United States — as a state actively trying to lead Web3, offering quite comfortable conditions for startups and companies.

Distribution of investments by country

Distribution of investments by country. Source: CB Insights Report

Eldar Khamitov, partner at Polymorphic Capital, examines the topic of “leadership” from different positions.

From the point of view of the points of attraction around which the largest local communities are formed, Eldar calls the States (in particular Miami), Lisbon and Berlin, London, as well as Dubai.

If we talk about the countries of origin of founders and developers — in the last few years, according to Khamitov, the share of developed countries is declining, and India and the CIS are growing the fastest.

Founders register their projects most often in the USA (Delaware), Switzerland, Gibraltar, Dubai and the Cayman and Virgin Islands.

According to the CB Insights report for the second quarter of 2022, the leaders in the number of transactions in the blockchain were the USA (32% of the total), Asia (28%), Europe (16%) and the LATAM and Caribbean region (16%).

Despite the above data, Roman Doronin, co-founder of the Optic and EORA projects, recalls that “the original idea of Web3 does not involve countries and flags.”

Web3, in an ideal understanding, does not correspond to the economic and political interests of almost any modern country, especially the current leading countries

Eldar Khamitov also speaks about the globality of the “Internet of the future”. “It is important to understand that most of the products in Web3, with the exception of some service businesses, are global by definition.

In most cases, it is simply incorrect to talk about the country affiliation of certain projects, especially if we are talking about protocols.

A typical situation is, for example, Russian—speaking founders with a multinational team scattered around the world, an operating company in Portugal, registration in Switzerland, American and European investors and users all over the planet.”