Latvia’s economic shift: Minister of Economics on crypto law and blockchain innovations

July 25, 2024 Coin Telegraph

Latvia central bank opens to fintech with ‘Innovation Hub’

September 19, 2023 Coin Telegraph

The Bank of Latvia has been quietly stepping up its game in providing assistance to fintech projects while employing the latest emerging technologies internally.

Fintech innovations and emerging technologies have swept the world, causing global lawmakers to rush to understand and regulate them.

While some countries like the United States and El Salvador have had a public relationship with adopting new technologies, others have quietly joined the game. Among these is Latvia, a small country located in the Baltics, neighboring Estonia and Lithuania.

Cointelegraph spoke with Marine Krasovska, the head of financial technology at Latvijas Banka (Bank of Latvia) — Latvia’s central bank — to better understand how regulators in the country are dealing with new technologies like cryptocurrencies and artificial intelligence (AI).

Unlike its neighbor Estonia, which was the first European country to provide clear regulations and guidelines for digital currencies, these assets remain unregulated in the Latvian landscape. The Latvian Personal Income Tax Act defines crypto as a capital asset subject to the general capital gains tax of 20%.

Back in 2020, one of the country’s financial regulators, the Financial and Capital Market Commission (FCMC), warned the public about crypto fraud — particularly given that in Latvia, crypto companies “operate in an infrastructure that is currently characterized by lower regulation than in the financial and capital markets.”

An upcoming hub of innovation

Since early warnings from the FCMC, Latvia has not developed new cryptocurrency regulations. However, Krasovska explained that in the last five years, the central bank, which is the primary regulator in Latvia, has been operating its Innovation Hub.

Krasovska said participation by fintech companies is not mandatory; however, the bank advises it as a “first entry point” to the Latvian market. The central bank offers this service free of charge for international companies and those originating from Latvia.

*Krasovka speaks at the Global Government Fintech Lab 2022 conference. Source: Global Government Fintech*

“When businesses come to the Innovation Hub and begin to describe their business model, sometimes we start to understand what companies actually need and don’t need,” she said.

She added that it’s an opportunity for businesses to talk in person with regulators to understand the business licensing needed and get risks assessed.

“We always suggest for companies to bring a lawyer to disclose interpretation risks. Interpretation of legislation is a very high-level responsibility.”

Within the Innovation Hub, the bank has also created a pre-licensing process. According to Krasovska, this was created to help fintech companies — particularly those dealing with digital assets — create a “package of documents” that they can receive feedback on regarding the quality.

“So when the official application goes in,” she said, “the license process will be focusing on the main ideas rather than the quality of the application. This new pre-licensing began last summer.”

“We want to see more innovation on the market. But we also want to see that the risks are managed in a proper way.”

Krasovska said that last year, the Innovation Hub had 72 consultations with around 40% of all participants from Latvia. She commented that the hub’s data reveals increased interest from companies in “crypto and electronic money institutions services.”

Adoption from the inside

Along with helping businesses thrive in the Latvian fintech landscape, Krasovska said that the Latvian central bank itself is adopting new technologies to streamline its processes from the inside.

This includes moving central bank data into the cloud and adopting AI technologies like OpenAI’s popular chatbot ChatGPT.

“We, as a central bank, will also start this year to integrate artificial intelligence and ChatGPT in our work. Not just not just trying to do some kind of studies as everyone is using it, but we’re starting to adapt it in terms of we have identified our needs.”

She said the central bank created an internal lab two years ago, which began experimenting with different kinds of technological solutions.

She highlighted ChatGPT feasibility studies the bank has conducted, which will help it summarize large quantities of documents, such as tax documents that she called “not structured information.”

Krasovska also said the bank employs AI to help with data direction projects and supervise code.

Synthetic data creation

When it comes to data, the fintech executive said the Bank of Latvia is spearheading a new project in relation to synthetic data.

She said that when newcomers or tech companies developing new solutions ask for a data set to train business models, it has nothing it can legally provide.

“This year and also next year, we will be working with the database ideas from which we can create this synthetic data that is like a synthetic lottery or something along those lines,” she said.

“Then companies can come and use these different types of data to understand how their tools work or don’t work before they scale the business and offer their solution to real customers.”

For example, businesses may need access to a large transaction database to understand how related monitoring tools work, “so what we’re doing right now is working on this integrated database,” she said.

Latvia and the current state of crypto

Over the summer, a report from the Latvian central bank said that local investments in crypto assets had declined by 50% over the past year.

"The number of the people purchasing crypto-assets as well as making payments with payment cards to invest in crypto-assets in Latvia declines.

This can be explained by global developments such as the negative sentiment of investors, detected cases of fraud and cases of… pic.twitter.com/uOIbJvIlsi
— Joshua Rosenberg (@_jrosenberg) August 4, 2023

The report was based on findings from payment card usage, revealing that 4% of the population bought crypto assets in February 2023, compared to 8% in the same month of 2022.

When asked about the sentiment toward cryptocurrencies in Latvia, Krasovska pointed to the crypto market conditions in combination with slumping market trends globally: “Globally, the financial markets are the way they are right now, and of course, this is [excluding] the crypto [market].”

Magazine: Crypto lawyer Irina Heaver on death threats, lawsuit predictions: Hall of Flame

Aside from the rocky conditions for the crypto community brought on by the lingering bear market, regulatory difficulties in major markets have caused investor sentiment to become less optimistic.

However, Krasovska pointed toward the European Union’s adoption and implementation of the Markets in Crypto-Assets (MiCA) legislation as something the central bank can lean on.

“With the adoption of MiCA, we can ensure very high standards for financial services.”

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

Privacy prevails and cypherpunks write code at Baltic Honeybadger

September 12, 2023 Coin Telegraph

Bitcoin Price

The Riga cypherpunk reunion convened around the Lightning Network, privacy and a strong anti-CBDC sentiment.

Bitcoin’s spirit animal is the honey badger. Bitcoin evangelist turned Bitcoin Cash promoter Roger Ver first popularized the meme in 2013 when he paid $1,500 a month for a billboard in California to display “Bitcoin is the Honey Badger of Money.”

Since then, the honey badger has been an elusive beast, occasionally appearing in memes and tweets as well as at its annual hunt on the Baltic Coast of Europe.

A Baltic Honeybadger sighting excites even the most hardcore Bitcoiners. Living on a diet of red meat and Latvian beer, lurking near cypherpunk stages and often spotted skulking over a computer screen checking and rewriting lines of code, the Baltic Honeybadger allures cypherpunks and Bitcoin (BTC) advocates alike.

Content creators Rikki and Laura pose with the honey badger. Source: Bitcoin Explorers

The Baltic Honeybadger conference began in 2017 when speakers Andreas Antonopoulos and Elizabeth Stark graced the stage. As “the most OG Bitcoin conference,” the Riga-based event elevates privacy, anti-surveillance and cypherpunk principles.

Privacy is a human right

These ethics materialized on the Cypherpunk Stage. Frequently packed or with standing room only, the Cypherpunk Stage was strictly off-limits for cameras, recording devices and live streams.

A team of “Bitcoin Bears” (aka, security personnel) watched over the Honeybadger audience. No media, tweets or photos would venture onto the internet — all the action remained in the room.

Entrance to the Cypherpunk Stage. Source: Bitcoin Lyon, Aurore

During the conference opening, Max Keidun, founder of Honeybadger and CEO of Hodl Hodl and Debifi, announced that any guests found recording or photographing the Cypherpunk Stage would be thrown out of the conference and banned from Honeybadger for life. He added:

“We don’t joke in Eastern Europe.”

These principles permeated throughout the conference. Many attendees wore badges stating their desire to avoid photos, the conference goodie bag included a privacy-centric bandana, and it was common to hear people ask one another, “Are you doxed?” — essentially meaning, “Is your identity shared or concealed online?”

Freedom of speech was also important. One of the Cypherpunk Stage talks by Bitcoin activist Rikki compared some aspects of Bitcoin in El Salvador to central bank digital currencies.

Giacomo Zucco, a Bitcoin educator, described how “midwits” can get in the way of Bitcoin. With comedic intentions, he highlighted that lower-intelligence Bitcoin advocates, or “80 IQ plebs,” are a force for good, while “midwits” trip up over nuance and fail to see the bigger picture.

Nonetheless, despite its OG allure, the Honeybadger could be under threat of extinction. Many Bitcoin conferences around the world have been converted into social media moments and selfie opportunities thanks to the growing mainstream glamor of Bitcoin and the propulsion of telegenic Bitcoin advocates such as Michael Saylor, Natalie Brunell and Jack Mallers onto television screens across the United States.

Indeed, Rigel Walshe of Swan Bitcoin said the Bitcoin 2021 conference in Miami felt like a Christian rock festival. Why else would thousands of young people come together to watch crusty old guys talk about esoteric principles such as sound money or salvation, he joked.

Rigel Walshe compared and contrasted Bitcoin and religion.

If Miami’s Bitcoin conference was a rock festival, Honeybadger was a dive bar, where anything was up for discussion, from nuclear war to Miniscript, from human rights to hamster wheels. (Yes, all of these topics were discussed during talks.)

Furthermore, unlike the large crypto conferences, Bitcoin’s price was seldom spoken of—sparing one panel on the first day. The discussion, “When 100K?,” saw Blockstream CEO Adam Back double down on his claim that Bitcoin would hit all-time highs before the Bitcoin halving in April 2024. The panel eventually evolved into a conversation about macroeconomics.

Lightning strikes Riga

As with all Bitcoin conferences, the side events and offstage shenanigans stole the show. The team from Nostr, a decentralized protocol whose first iteration proposes an alternative to X (formerly Twitter), hosted events and dominated discussion.

A party organized and fundraised via Nostr Zaps — Bitcoin tips over Nostr — closed out the weekend. All funds to support the open bar, buy pizzas and sponsor a live show with rented instruments were crowdfunded and zapped over the Lightning Network in the days leading up to the conference.

Derek Ross, a Nostr developer, explained that “purple-pilling” goes hand in hand with “orange-pilling” during another talk. Being orange-pilled means understanding Bitcoin, while being purple-pilled means understanding Nostr.

Elsewhere, Portuguese programmer Francis set up a Chain Duel tournament. Chain Duel is a social Bitcoin game that combines elements of the 90s classic Snake with satoshis, the smallest denomination of Bitcoin. While the game appears easy, it is addictive and competitive.

Players registered on Chain Duel by sending satoshis to the in-game Lightning Network address with a payment note as their name. The winner of the tournament took home the pot of 1,520,000 satoshis, valued at more than $300.

Lightning-enabled interactions were a prominent feature throughout Honeybadger. All the conference food trucks accepted Bitcoin and Bitcoin Lightning payments, and every merchant who spoke with Cointelegraph commented that it’s easier and faster to pay with Lighting than card payments. Plus, Lightning avoids the fees charged by Mastercard and Visa.

In total, more than 1.1 BTC ($27,600) was paid over Lightning over the course of the conference. BTCPay Server, the team behind the payment terminals, shared the statistics on social media.

Honeybadger’s Lightning-enabled card racing against someone else’s NFC card at a coffee truck.

Basement Bar, a Latvian bar in the city center, was swarmed with Bitcoin enthusiasts keen to pay in satoshis. As a Bitcoin-friendly location, it became the de facto hang-out spot over the weekend as customers tapped, zapped and scanned Bitcoin as their chosen means of payment.

Indeed, the Bitcoin-critic meme “No one uses Lightning” was undermined by events, discussion and action at Baltic Honeybadger. The word “Lightning” featured in eight of the talks, and discussions ranged from Breez CEO Roy Sheinfeld explaining offline payments to explanations of smart contracts on Lightning and Synota CEO Austin Mitchell explaining that “Lightning is transactive energy.”

Sam Wouters, a Bitcoin research analyst at River, summed up Lightning’s situation with regard to the Bitcoin network:

“Lightning is likely part of the scaling puzzle. Lightning bought us time.”

In all, the Baltic Honeybadger conference replaced headline-grabbing announcements familiar to large Bitcoin conferences with backroom discussions and debates. Privacy took precedence over photo opportunities, while fiat payments were outstripped by Lightning.

Baltic Honeybadger was a call to action for cypherpunk principles. It’s sometimes forgotten that Satoshi Nakamoto, the founder of Bitcoin, was also a cypherpunk. They did not reveal their identity and disappeared the moment Bitcoin made a move into the mainstream.

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The state of crypto in Northern Europe: Hostile Scandinavia and vibrant Baltics

October 30, 2022 Coin Telegraph

Coin Telegraph

The Nordics remain a cold place for crypto, but Estonia still leads as the public blockchain adopter.

Despite the turbulence that broke out in the crypto market this summer, there is an important long-term marker that should be considered in any complex assessment — the combination of adoption and regulation. The latest report by EUBlockchain Observatory, named “EU Blockchain Ecosystem Developments,” tries to measure this combination within the European Union, combining the data on each and every member country from Portugal to Slovakia.

As the original report counts more than 200 pages, Cointelegraph prepared a summary with the intent to capture the most vital information about the state of crypto and blockchain in Europe. Cointelegraph started from a group of countries that are usually labeled as Western European and continues with a review of Northern European states.

Sweden

Numbers: $39.9 million (40 million euros) raised in initial coin offerings (ICOs), 15 blockchain startups launched.

Regulation and legislation: According to the report, the country still lacks any definite crypto and blockchain legislation: “One must often use the existing legal framework and force blockchain to fit within that framework.” The principal supervisory authorities in the country are the Swedish Financial Supervisory Authority and the Swedish Data Protection Agency.

Taxes: While the report lacks any information about the tax regime regarding crypto in the country, the local tax advisers specify that capital gains from selling crypto are subject to a 30% tax.

Notable initiatives: The Swedish land-ownership authority Lantmäteriet began testing blockchain technology in 2016, which resulted in a pilot project to develop future real estate transactions by using smart contracts. In June 2018, developers completed the first successful transaction on the platform. Together with Nasdaq, one of Sweden’s major banks, SEB, initiated the Nordic Fund Ledger — a consortium to improve mutual fund trading by applying blockchain. An initiative should have been launched in 2020, but by the publishing time, there is no evidence it did.

Local players: 3Box, a decentralized user data storage system, AIAR, an Ethereum-based education platform, and Bitrefill, a digital gift card and mobile airtime provider that accepts crypto as a payment method.

Denmark

Numbers: $32.4 million (32.5 million euros) of total funds raised by blockchain projects, 24 blockchain startups.

Regulation and legislation: Denmark has no laws specifically addressing cryptocurrencies. In 2021, Danske Bank, the largest bank in Denmark, stated that it won’t offer any cryptocurrency services to customers itself, but also that it wouldn’t interfere with transactions coming from crypto platforms.

Taxes: According to Coincub, crypto gains incur an income tax of around 37%: “If you’re a high earner, your crypto gains — as part of your overall income — could go up to 52% tax.”

Notable initiatives: In 2018, Copenhagen-based shipping giant Maersk and IBM announced the launch of TradeLens, a blockchain-enabled shipping solution designed to promote more efficient and secure global trade.

Local players: As the report specifies, perhaps the most important names among the Danish crypto startups would be the ones that were established in the country but registered in other jurisdictions, such as Chainalysis, Blockshipping and MakerDAO.

Finland

Numbers: 18 blockchain startups

Regulation and legislation: The chief supervisory authority for everything crypto-related in the country is the Finnish Financial Supervisory Authority. In 2019, the Act on Virtual Currency Providers came into effect. It demands registration from any entity that aims at Finnish customers while providing or marketeering its crypto-related services. The Virtual Currency Act does not draw any distinctions between different types of digital currencies.

Taxes: Profits from the exchange or sale of crypto are subject to capital gains tax, which makes up 30% of the income not exceeding $29,922 (30,000 euros) and 34% on the excess above this limit.

Notable initiatives: Back in 2018, the Finnish government announced the collaboration with Essentia to build blockchain-based solutions for smart logistics.

Local players: SOMA (SOcial MArketplace), a decentralized peer-to-peer (P2P) platform on Ethereum for trading and exchange of physical goods, LocalBitcoins, a P2P platform for digital currencies, and Haja Networks, a developer of distributed and decentralized database solutions based on blockchain solutions.

Norway

Numbers: $26.9 million (27 millions euros) of total equity funding, 22 blockchain solution providers.

Regulation and legislation: The advisory and supervisory authorities regarding blockchain and crypto are the Norwegian Data Protection Authority, the Financial Supervisory Authority (FSA), Norges Bank and the Norwegian Tax Authority. The FSA has previously noted that a legal framework and rules for investor protection are needed if cryptocurrencies become a suitable investment for consumers. However, according to the report, “It is unlikely that Norway will enact additional legislation on cryptocurrencies until the EU adopts its flagship cryptocurrency legislation, the Regulation on Markets for Crypto-Assets (MiCA).”

Taxes: As in other Scandinavian countries, crypto assets in Norway are subject to the general capital gains tax. The annual tax rate for private individuals constitutes 22%; the same percentage goes for legal entities due to a flat corporate income tax rate. However, an individual would pay more if his yearly income exceeds certain levels.

Notable initiatives: In 2021, The FSA established a regulatory sandbox to encourage fintech innovation. The Central Bank of Norway is actively exploring a central bank digital currency (CBDC), which is now proceeding through a two-year phase of technical testing.

Local players: Choose, a cryptocurrency platform backed by CO2 emission permits, ViPi Cash, an online platform facilitating global money transfers using blockchain technology, and Diwala, a decentralized platform for skill verification of individuals through the decentralized ledger technology.

Latvia

Numbers: 15 blockchain startups

Regulation and legislation: Crypto remains largely underregulated in the country. In 2020, the chief local financial regulator, the Financial and Capital Market Commission, urged investors to “be particularly vigilant, as cryptocurrencies operate in an infrastructure that is currently characterized by lower regulation than in the financial and capital markets.”

Taxes: The Latvian PIT Act defines crypto as a capital asset subject to the general capital gains tax, which is 20%.

Notable initiatives: In 2019, the Economic Ministry of Latvia introduced two blockchain-based pilot projects. The first one should strengthen the supervisory capacity of the State Revenue Service and reduce the shadow economy through the implementation of a blockchain-based cash register. The second would ease the process of acquiring limited liability company status by using blockchain systems in the Enterprise Registry.

In 2021, the national air carrier airBaltic added Dogecoin (DOGE) and Ether (ETH) as payment options. It started to accept Bitcoin (BTC) as early as 2014.

Local players: Blockvis, a blockchain development and consulting group, Velvet, a blockchain-powered solution for online identification, and Soft-FX, a software developer, which collaborated with a list of major cryptocurrency platforms such as Binance, Bifinex and others.

Lithuania

Numbers: 31 blockchain startups, $1.09 billion (1.1 billion euros) raised by local startups

Regulation and legislation: The report calls Lithuania “one of the most pro-blockchain countries in Europe.” It became one of the first countries to issue regulations on ICOs back in 2018. From 2019, every digital assets provider needs to be registered with the country’s Centre for Registers.

Taxes: Corporate tax for the crypto companies stands at 15% and the same flat rate goes for the individual’s income.

Notable initiatives: In 2018, the Bank of Lithuania launched a digital currency sandbox called LB Chain, which is envisioned to become a prototype for central bank-issued blockchain-backed coins.

Local players: DappRadar, a market intelligence vendor for decentralized applications (DApps), Bankera, a blockchain-backed digital bank, and BirDegree, a blockchain-based and gamified online education platform.

Estonia

Numbers: $284 million (285 million euros) raised, 200+ blockchain solutions providers

Regulation and legislation: Estonia was the first European country to provide clear regulations and guidelines for digital currencies. The local law recognizes digital currencies as “value represented in digital form that is digitally transferable, preservable, or tradable, and that natural persons or legal persons accept as a payment instrument.” However, digital currencies are not considered legal tender and do not otherwise possess the legal status of money.

Taxes: Digital currencies are qualified as property and their exchange is subject to a capital gains tax of 20%.

Notable initiatives: The blockchain-enabled e-Residency program allows anyone to start and manage an EU-based company completely online and, according to the report, “has proven a significant facilitator of blockchain business activity in the country.” However, it should be noted that when the country tightened the definition of virtual asset service providers (VASPs), more than 1,000 licenses were revoked from crypto firms.

The country utilizes a highly scalable and privacy-focused keyless signature infrastructure blockchain, which is being used in healthcare, property, business and succession registries, along with the state gazette and the country’s digital court system.

Local players: Idealogic, a full-cycle software development firm with strong expertise in product design and custom software development in Fintech, Cryptodevelopers.net, a developer of cryptocurrency wallets, and Solve.care, a healthcare blockchain technology company.

Key takeaways

Discussing the report takeaways with Cointelegraph, Kristina Lillieneke, CEO at BlackBird Law and a member of EU Blockchain Observatory, explained the rather low numbers demonstrated by Scandinavian countries regarding the crypto industry. While she agreed with the important factor of high taxes, Lillieneke pointed out such regional problems as regulatory uncertainty and fear-mongering among banks and media.

“Most banks have been blocking their customers from trading in crypto and founders of crypto companies have had their bank accounts forcibly closed. As most people are still dependent on the fiat banking system in the Nordics this is a strong deterrent to making innovations,” she said.

The expert drew the example of Sweden, where the local financial authority, Finansinspektionen, leads a non-stop crusade against Bitcoin. Erik Thedéen, the head of Finansinspektionen, has written numerous articles sharply criticizing Bitcoin and claiming it is only used by criminals to launder money and finance terrorism and is a large threat to the environment.

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Lillieneke expressed pessimism regarding any possibility of a U-turn in the Nordics, even with the upcoming pan-European MiCA framework. In her opinion, MiCA itself doesn’t contain any cure for the familiar problems:

“The regulations in Europe seem only to aim at limiting the market and innovation around everything that is decentralized and has the potential of empowering people while it favors centralized solutions run by the states, the EU or big-tech.”

More controversy comes with the recent transformation of Estonia, which has been one of the earliest blockchain adopters in the world and conducted a crypto-friendly policy until 2021, when the new guidelines for VASP licensing demolished all the previous gains for the industry. However, speaking to Cointelegraph, Marianna Charalambous, research project manager at the University of Nicosia and member of the EU Blockchain Observatory, noted that the country still remains one of the leaders in public blockchain implementation.

“Estonia remains an advocate of public sector blockchain initiatives on a national and European level, as a wide number of blockchain applications are being implemented in the public sector. Looking at the use of blockchain on an institutional level we can identify a different approach compared to the private sector which has been affected by the new legislation,” she stated.

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Real-world data comes to NFTs as street artists geotag their work

April 6, 2021 Coin Telegraph

Art

“Blockchain is not just a buzzword here, it legitimately enables something that used to be impossible.”

A Latvian artist going only by the name of Kiwie has announced their intention to release more than a thousand nonfungible tokens that represent real-world street art.

According to a statement from Kiwie, the NFT pieces will allow art connoisseurs to physically own street art without removing the brick wall, sidewalk or other infrastructure to which it was applied. The NFTs feature 3D renderings of the artist’s “Fat Monster” character spray painted in 1,001 real-world locations with corresponding geotags.

“Using NFTs to represent ownership allows to maintain the beauty of the art intact,” said Kiwie. “Blockchain is not just a buzzword here, it legitimately enables something that used to be impossible.”

Kiwie plans to drop five NFTs for existing street art pieces starting April 13 on the marketplace Rarible. The artist intends to schedule additional drops periodically over the next five years. According to Kiwie’s website, the artist plans to create roughly five to six pieces of street art used for NFTs in 195 countries, starting with Latvia, Lithuania and Estonia.

The artist’s work has drawn both approval and criticism over the years. They have spray painted the Duke of Lancaster’s ship in Wales, and they became well known for their monster paintings around the Latvian capital of Riga. Though some of the artwork has presumably since been removed, the ones associated with the NFTs will operate differently. In a bridge between physical and digital art, should even one of the 1,001 real-world monsters be destroyed or painted over, the NFT will remain, but their associated image will transform into a "ghost monster" — a translucent, halo-clad version of the same artwork.

The offering is part of a growing trend for crypto users to associate more data from the real world with their NFT counterparts. Last month, IoTeX, a privacy-focused platform for the Internet of Things, announced it had been developing a device capable of recording and encrypting data including location, temperature, air quality and motion to NFTs, allowing holders to verify their proof-of-presence.

latvia