Anti-money-laundering controls stay a central concern, he mentioned, describing a necessity to know and handle dangers earlier than introducing new guidelines.
“We don’t need to create one thing with a giant increase after which with a giant collapse,” Valainis mentioned. The federal government will implement options solely when it’s “1,000% certain” 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 accordance with the minister.
He named no particular person industrial 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 mentioned 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 listing,” he mentioned. Requested how lengthy it might take to tokenize Latvia’s bonds and actual property as soon as the principles had been in place, he mentioned: “I want to say the primary a part of the subsequent 12 months. It may very well be completed.”
The Treasury and the ministry’s press workplace haven’t answered questions CoinDesk despatched on the tokenization efforts.