Fintech Breakfast: “Web3 Technological Revolution – Latvia’s Opportunity for Economic Breakthrough”

Published On: December 20th, 2023

As the year concludes, the Fintech Breakfast series concluded with fervent discussions on the “Web3 Technological Revolution – Latvia’s Opportunity for Economic Breakthrough.” Organised by Fintech Latvia Association and Latvian Blockchain Association, the event brought together industry leaders to explore the transformative potential of Web3 technologies.

Reinis Znotiņš, Head of the Latvian Blockchain Association, set the tone with a keynote speech, highlighting Latvia’s unique opportunity in 2024 to catalyse economic growth by attracting third-generation internet technology companies. R. Znotiņš stressed the need for legislative changes and active outreach to companies seeking EU licences in the coming year.

Artūrs Garais, “AirBaltic” Web3 project manager, delved into the practical application of Web3 technologies in the aviation sector. His insights illuminated how these technologies could give companies a competitive edge in the fiercely contested aviation landscape.

The discussion, with the participation of Andris Kulbergs, deputy of the Saeima, Jurgis Miezainis, Parliamentary Secretary of the Ministry of Economics, and Olga Petrova, Chief Fintech Expert at the Financial Technology Supervisory Board of the Bank of Latvia, was very dynamic. Some of the points discussed were:

Andris Kulbergs, Deputy of the Saeima: “The blockchain, cryptocurrency and fintech sector is a huge opportunity for Latvia. We need to create attractive regulation and legislation, but learn from the mistakes of banking regulation to avoid too liberal an approach or the risks of overregulation, and work to educate the public and decision-makers about the opportunities of the blockchain sector.”

Parliamentary Secretary at the Ministry of Economy Jurģis Miezainis: “Now is the right time to talk about Latvia’s role in the safe and coordinated development of innovative digital directions, as Europe starts to think about regulating the blockchain sector. This is an innovative sector with high exportability and added value, and we want to adapt regulation to a level where more and more innovative foreign companies choose Latvia as their home base.”

All agreed on the need to work on education – to raise awareness of these issues among decision-makers and with society! See you in the Fintech Breakfast events next year! 

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