Web3 is Replacing the Internet Era—All Lithuania Needs, is to Take Advantage of the Dawning Opportunities

The Web3 Internet era is only dawning, but it is already quite clear that a significant transformation awaits us. According to Gediminas Laucius, Lewben’s Legal and Tax Services Partner, the coming changes will be of the utmost importance for Lithuania: ‘By making an appropriate and timely response, we could create favourable business conditions both for domestic companies and international investors, and make Lithuania more competitive and attractive in their eyes.’

On December 7, Vilnius will host the Web3 conference with an expert discussion open to the public.

The conference entitled, WEB3: Impact the Future, will take place on December 7, and participants will discuss the ways in which Lithuania can make full use of its potential in new markets. The event is organized by the Crypto Economy Organisation Association, law firm TGS Baltic, an integrated professional services group Lewben, the innovation company SUPER HOW? and the blockchain ecosystem company Binance. They have extended an open invitation to public authorities, technological innovation, law, finance, digital business, other sectors and all enthusiasts of Web3 to take part in the conference.

‘Lithuania can and must take advantage of the opportunities offered by Web3, however, this requires clear legal regulation. For example, by regulating those areas that stay under-regulated elsewhere in the world, we would draw international attention. One area, in particular, covers the activities of decentralised autonomous organisations (DAOs)’, says Gediminas Laucius, Lewben’s Legal and Tax Services Partner.

The conference will host a discussion on New European and National Regulation of Cryptocurrency-related Activities—the Challenges and Opportunities. ‘First and foremost, we want to refute the myth that there is a high risk of money laundering related to blockchain. Second, it is important to introduce safeguards within Lithuanian legislation so that we do not become a country with high systemic risk, while at the same time striking the right balance with regulation, so as not to become uncompetitive,’ says Laucius.

Areas await a national initiative

According to Laucius, as long as international principles and guidelines are not harmonised, Lithuania has an opportunity to enshrine in its national legislation, rules governing issues related to blockchain technology and Web3

For example, the Lithuanian Civil Code could be supplemented with provisions defining the legal status of smart contracts, providing for the terms of their validity, establishing their relationship with traditional contractual documents and obliging smart contracts to be programmed in such a way that they can be modified by agreement of the parties or a court decision if necessary. 

‘DAOs operate in the digital space without having a legal status, which results in a number of legal issues. Without legal status, they cannot be held accountable and, moreover, do not fall under the jurisdiction of any particular state, removing a state’s technical capability to suspend a DAO’s activities,’ says Lewben’s Legal and Tax Services Partner. 

The code of these organizations does not change and their members remain anonymous, risking that a DAO may operate even when acting against the law and public interest. 

‘If we adopted the legislation governing DAO’s activities, Lithuania’s popularity would grow dramatically, and allow us to attract investment and advanced technologies,’ says Laucius. ‘Specific regulation would provide greater clarity in other sectors based on blockchain technology, such as decentralised finance.’

Lewben Art Foundation’s NFT exposition awaits attendees of the conference

One of the organisers of the conference, Lewben, will present the Lewben Art Foundation’s NFT exposition How Soon is Tomorrow: Collecting NFTs, which is part of the original exhibition presented several years ago at the international contemporary art fair ArtVilnius.

‘We will present to the guests and participants of the conference the works from our NFT collection, with contributions from famous Estonian artists Tommy Cash and Katja Novitskova, and the work by Robertas Narkus, who represented Lithuania at the Venice Biennale this year. We already acquired some physical works by Robertas Narkus and Katja Novitskova a few years ago, and their experiments in the digital art market were very intriguing. It is these works that we will present in the exposition,’ says Ugnė Bužinskaitė, Director of the Lewben Art Foundation.

Participants of the event will also be greeted by the Snow Man—a spectacular interactive sculpture by Tomas Daukša. This piece will be exhibited together with Daukša’s interactive snowmen that appeared on the crypto art scene just this year and are presented by the foundation’s partners The Rooster Gallery. The sculpture and the digital artwork derived from it, represent one of the rare cases in Lithuania, when viewers can see both a real work of art and an NFT creation based on it.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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