"Several world-class WEB3 companies have shown interest in starting operations in Latvia, choosing Latvia as a base for their development in Europe. Our estimates show that if the currently discussed business plans are realized, Latvia could receive tens of millions of euros in tax revenues within a year and hundreds of very well-paid jobs would be created," emphasizes Reinis Znotiņš, Head of the Latvian Blockchain Development Association and one of the organizers of the event. "The WEB3 industry is one of those industries where 98% of its activities will be focused on export markets, and this is especially important for us as a small country." "We are only at the beginning. We still have many challenges ahead of us, but I believe that very soon Latvia will become one of the first countries in Europe where it will be possible to officially make tax payments with cryptocurrencies," adds Reinis Znotiņš.
The conference also included a Web3 and blockchain startup presentation competition, which was organized in cooperation with Tenity, Latvian Business Angels Network and Venture Faculty. This competition gave early-stage startups the opportunity to pitch their ideas to investors, receive mentorship support and compete for valuable prizes. The special 3,000 euro innovation prize from Artūrs Kostiņš for developing Web3 innovations went to Finforta, a Latvian company offering digital solutions in cryptocurrency management, Web3 infrastructure and financial innovations.
The two-day UN:BLOCK 2025 conference in Riga highlighted Latvia as a rapidly growing crypto and Web3 innovation hub in the Baltics. Opening the event, Laura Štrovalde, Deputy Director of the Investment and Development Agency of Latvia, emphasized: "Latvia not only supports innovation, but also actively participates in its co-creation." L.Štrovalde also emphasized the country's advantages - 0% tax on reinvested profits, skilled, multilingual tech talent, the opportunity to obtain a single financial license in the field of crypto-asset services in Latvia and serve the entire EU.
Minister of Economy Viktors Valainis stated: "The development of the WEB3 industry is an opportunity for Latvia to increase its economic potential in new niches. We have been working diligently for a long time to make Latvia the most attractive place for global crypto companies to obtain a MICA license and develop their operations in the European Union."
"Crypto-assets are currently a regular topic in the global financial news headlines. The European Union has created a regulatory framework - MiCA, so that this asset class can be safely offered to European consumers. Fintech and crypto-assets are one of the most promising directions for the Latvian financial sector to develop and become internationally recognized, attracting new players, investments and creating new jobs and tax revenues in Latvia," said Rūdolfs Eņģelis, partner of the international law firm SORAINEN, founded in the Baltics.
The conference proved that Latvia can become a leader in digital finance and Web3 innovations in the Baltics. With the right policy, active industry involvement and international attention, Latvia is on its way to a new stage of economic development. "Blockchain offers a variety of solutions, and innovative thinking can create very good solutions. These are not distant visions of the future - these are opportunities that Latvia can implement in the coming years," comments Edgars Laimīte, co-founder of Gravity Team.
UN:BLOCK 2025 - Northern Europe's leading crypto and blockchain conference, which took place in Riga, Hanzas Perona, on April 22-23, 2025. It brought together more than 50 world-class speakers and 1000+ participants, offering insights into Web3, DeFi, NFT, blockchain infrastructure and the development of European regulation. The aim of the conference was to promote cooperation between industry leaders, investors and regulators to create a sustainable digital financial environment in Latvia and Europe. More information: www.unblockeurope.com.
The support is provided within the framework of the project “Support for the Improvement of the Technology Transfer System”, co-financed by the European Regional Development Fund and the Latvian state budget.