Which countries in Europe have the most favorable regulatory environment for equity crowdfunding?

In Europe we have a European framework for Equity financing called MiFID II. Companies applying for a MiFID license in a European country can passport their services to other European countries. Based on MiFID II, individual countries add additional regulation for Equity Crowdfunding.

Half of European countries have specific Equity Crowdfunding regulation. Regulations in the UK are most strict (and oldest in Europe), but countries like Finland, Lithuania and Austria have newer and more improved regulations.