SPOTLIGHT: Estonian Web3 Chamber now turbo charges nation’s blockchain technology
The Estonian Cryptocurrency Association, which has been a pioneer in the development of legal regulation in the field of crypto since 2014, has changed its name to Estonian Web3 Chamber (Eesti Web3 Koda).
The new name reflects the massive potential of Web3 as the pace of development has been exponential. Estonia’s rocket ride since Russian occupation ended in 1991 has been testament to its technological and economic freedoms which has made it the country with the highest number of tech unicorns per capita in the world along with other notable achievements such as the fastest internet WiFi and highest percentage of online users.
It is key that Estonia continues to embrace cutting edge technologies such as blockchain and Web3 of which crypto-assets (digital assets, tokens, NFTs) are the oil in the machinery.
Raido Saar will continue as the chairman of the management board of the organisation, according to whom the new name better reflects the purpose of the association and the goal of developing Estonia’s Web3 and e-governance capabilities.
“It is clear that such goals require strong cooperation with the state, because an innovative and forward-looking legal environment that supports responsible blockchain companies are needed” said Saar.
“Our role is to provide the state with meaningful support, competence, and the experience of pioneering companies in this field that eventually go global, so that Estonia would not only be a Web3 development epicentre in the world, but also a main stage for policy ideas that other countries may wish to emulate.”
The name change drives cooperation between regulators and blockchain/Web3 companies so regulations keep pace with the rapid development of the field.
“Today, the world of virtual currencies and its accompanying services based on blockchain and Web3 technology have made a huge leap.” Saar added.
“Regulators around the world are falling behind. It is monumentally important that such technologies are represented accurately in order to avoid the policy-maker’s desire to run in the opposite direction.”
Estonian Web3 Chamber will continue to represent companies related to virtual currencies, blockchain, and Web3 technology in shaping the legal environment and provide the necessary input to the government, the Parliament, and supervisory authorities.
The goal of the association is to continue to promote the fields of blockchain/Web3 in Estonia including a more technology-friendly business environment as well as education that supports the new economy. Based on its objectives, the Chamber will actively intervene in the legislative process and stand up for the interests of companies licensed to operate.
New, ambitious legislative projects are about to launch in Estonia. The European Commission, the Council, and Parliament have agreed on a compromise text on the law regulating the provision of services related to crypto-assets, known as MiCA.
When it is finally approved by the European Parliament, Estonia will start developing national legislation on this basis.
The role of the Chamber will be to lead dialogue and debate in the process, and to propose proper regulation in the legislative process to ensure Estonia can maintain its world class reputation as a tech-driven nation. Good sample of bringing different parties together is Tallinn Blockchain Week and NFT Tallinn, which will be held in May 2023 and is co-hosted by Estonian Web3 Chamber.
“Estonian Web3 Chamber is Estonian by name, but still open to all innovative minds from all over the world,” Saar said.