This study is an examination of initial coin offerings (ICOs), a new form of investment, using a fairly comprehensive dataset of 4,380 ICOs operating from 2017 to 2019. Specifically, we study whether ICO project creators’ decisions on remaining in or leaving the countries of origin are affected by the ICO policy status of countries. Findings indicate that countries having ICO regulations are more likely to both retain and attract ICO projects. The effects are stronger for high-quality projects that value long-term stability than low-quality projects that may be fraudulent. The findings have implications for ICO regulators and startups by enhancing understandings of conditions that will retain and attract ICO projects.