From the days when Bitcoin and other cryptocurrencies began rising in popularity as transactional systems for people to use without central regulatory authorities, many countries have taken different stances regarding the regulation of the digital currency world. Some have had a pro-cryptocurrency approach like Japan having granted proper licenses to eleven Bitcoin exchanges in the country. Then there are countries like China that have enacted a nationwide blanket ban on ICOs and all cryptocurrency trading with dire consequences for those who do not follow suit with their vision.
The Prime Minister of Slovenia made a speech earlier this week, speaking out in favor of blockchain technology. His speech solidified Slovenia’s position as arguably the leading destination in the European Union as far as blockchain technology is concerned.
“After the difficult ordeal of the economic crisis … we are coming back to life, we are growing again, and we are finding that we are creating numerous success stories, which inspire us but also obligate us,” said Prime Minister Miro Cerar. “We have emerged from the crisis stronger. I believe that using blockchain technology, you too will contribute to the writing of a new Slovenian success story.”
The first clear sign about the Slovenian government’s approval of blockchain technology was during the Blockchain Meetup Slovenia 2017 event held in July. It hosted over 300 blockchain enthusiasts. Ever since then, Slovenia has been striving to make significant progress as the key destination in the EU for blockchain.
Miro Cerar has recognized the blockchain community in Slovenia involves some of the globally leading developers. It also shows the willingness of the bureaucrats in the country to try and understand this new technology and the lucrative opportunities it can provide and act quickly on them.
Although it’s only been about 5 months since the meet up, the distributed economy in Slovenia is inching towards a true alternative to the traditional centralized systems. Blockchain is not just about Bitcoin and other cryptocurrencies. It has endless applications that are still being figured out, they include the likes of banking, insurance, new models for creating and sharing content.
The regulatory challenges are being addressed at the same time. The company Cofound.it are working with blockchain legal specialist Nejc Novak who is the founder of the law firm Novak Ruta since the past five months intensively with many more people including the Securities Agency, Prime Minister’s Cabinet, The Office for Money Laundering Prevention and the Ministry of Finance to come to a resolution about significant legal uncertainties. This proactive approach is also enabling the provision of expert legal advice to blockchain projects taking place in the country and the communities rather than having to face the issues that come with enforcing compliance.
Slovenian entrepreneurs were early to enter the blockchain industry and their experts are now in a good position to be able to provide a workable legal framework that can facilitate the needs of the country, the European Union and even arguably the global blockchain regulations.
Blockchain is a rapidly expanding industry and the Slovenian Prime Minister’s initiative takes a more welcomed stance towards the new industry, and possibly establishes the country as one of the most desirable destination for blockchain startups globally.