Starting a business on a country code domain (.io British Indian Ocean Territory, .tm Turkmenistan, .su Soviet Union /ths ltd still exists/, .vc Saint Vincent and the Grenadines etc.) is not wrong by itself, even if the registrant does not reside in the country in question. The problem is stability and predictability, which should not be taken lightly. Somebody finally started thinking about it? A good sign.
As a side note, as gtld investor, I can only appreciate such registrations, as they in fact add more value to my domains
P.S. A number of free speech / alt news sites are using .is Iceland domain - a good choice.
