31 January 2019 · 1 min read

Former Estonian PM on the Biggest Mistake in Crypto Regulation

In terms of crypto regulation, the biggest mistake of global regulators was the lack of an enabling, clear, understandable legislation, Taavi Rõivas, an Estonian politician, former Prime Minister of the country, said in an interview with “For many companies that are looking to raise capital, that are looking at the crypto space, the number one problem has been which legislation to choose and what will tomorrow bring,” Rõivas said, adding that there is a lot of uncertainty in many countries. According to him, in general, governments, tend to be very conservative about new technologies and for many politicians it’s just easier not to deal with disruptive technologies and avoid criticism in case something goes wrong. “However, there will be somebody somewhere who will do it first and if you’re lagging behind, then you’re losing your competitive advantage as a country, as a jurisdiction,” Rõivas warned.

In his opinion, if a country wants to develop fast, it needs to be more open to new technologies, opportunities. This is especially important for small countries, he said, reminding that this openness involves risks, but “there is little reward without risk.”

Watch to the whole interview and hear more on regulatory mistakes, on what blockchain-related projects Taavi Rõivas is working, what crypto-related legislation Estonia is developing, and what he expects from the crypto industry this year.

Disclosure:Taavi Rõivas is also the Chairman of the Supervisory Board of Lympo, a blockchain-based project geared towards a healthy lifestyle ecosystem. Lympo and are both backed by Antanas Guoga, Member of European Parliament, a serial entrepreneur, investor.