Anti-money-laundering controls stay a central concern, he stated, describing a necessity to grasp and handle dangers earlier than introducing new guidelines.
“We don’t wish to create one thing with an enormous increase after which with an enormous collapse,” Valainis stated. The federal government will implement options solely when it’s “1,000% positive” they’d be clear and comprehensible, he added.
Members of the Latvian Blockchain Affiliation (LBAA), which goals to make the nation a serious Web3 hub within the European Union, take part in working teams and testing, in line with the minister.
He named no particular person business companions, although the LBAA’s members embrace crypto exchanges like Kraken and Backpack EU, in addition to fintech companies like Indemo, Capitalia and Twino, and even the airline airBaltic.
Valainis additionally stated the potential financial profit had not been quantified, however famous his case for the modifications rests on attracting worldwide companies, funding and tax income.
Tokenizing Latvian authorities bonds can be on the “precedence checklist,” he stated. Requested how lengthy it will take to tokenize Latvia’s bonds and actual property as soon as the principles have been in place, he stated: “I want to say the primary a part of the following 12 months. It might be performed.”
The Treasury and the ministry’s press workplace haven’t answered questions CoinDesk despatched on the tokenization efforts.
