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 featured a Web3 and blockchain startup pitch competition, organized in collaboration with Tenity, Latvian Business Angels Network, and Venture Faculty. The competition provided early-stage startups with the opportunity to pitch their ideas to investors, receive mentor 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 that offers 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. On the first day, Laura Štrovalde from Invest in Latvia emphasized that “Latvia not only supports innovation, but also actively participates in its co-creation,” highlighting the country’s advantages – 0% tax on reinvested profits, skilled, multilingual tech talent, the opportunity to obtain a single financial license for 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 where global crypto companies could obtain a MICA license and develop their operations in the European Union.”

“Crypto-assets are currently a regular topic in the global financial 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,” says Rūdolfs Eņģelis, Partner at 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 appropriate policies, active industry involvement and international attention, Latvia is on its way to a new stage of economic development. “Blockchain provides various solutions, and thinking innovatively 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 over 50 world-class speakers and 1000+ attendees, offering insights into Web3, DeFi, NFT, blockchain infrastructure and European regulatory developments. The conference aimed to foster collaboration between industry leaders, investors and regulators to build a sustainable digital financial environment in Latvia and Europe.

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