Legal Expert: Existing Regulations Can Be Used

Dawid Paluch
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Yanina Petrovskaya, a Russian and Swiss attorney focused on cryptocurrency regulations, talked with us about the legal situation in Europe. What is the best country to register a startup? What is the deal with Malta? Why isn’t Poland at the forefront of the crypto industry? Check out.

Another interesting conversation with influencer from the crypto world. We’ve already done a few interviews, including the talk with Paulina Woźniak. Today, we talk about legal concerns with Yanina Petrovskaya.

Dawid Paluch: Do we even need any regulations?

Yanina Petrovskaya: It depends on the legal system. Regulations can give tools for cryptocurrencies and digital assets. They can provide digital security. Right now, the security isn’t at 100%. To make the market more clear for two participants, both those who produce these digital assets, and investors, we need clear rules. You can do two things.
On the one hand, you can have new regulations. On the other hand, you can implement already existing rules to cryptocurrency cause. That what Switzerland did. They just said: ‘we are applying existing regulations’, and that’s what they did in the last regulation agreement. It works for them. So, it doesn’t necessarily mean, that we have to come up with new laws, but we need to know how the current regulation can be applied.

The blockchain technology was created and used on a global scale mostly because of its freedom.

[laugh] There is no so much freedom anymore.

You’ve said, that Switzerland and Lichtenstein are probably the best destinations for crypto and blockchain companies in Europe right now. So, why Malta then? Why do so many companies go there?

First of all, they have, what attracts a lot of people, additional legislation for blockchain projects. Also, they do a lot of good marketing. Really, Malta does a lot of great marketing. Honestly, they sell you the vision. That doesn’t necessarily mean that the things work exactly as they sell them to be.

At the opposite end, there is Poland.

Yes, Poland doesn’t have many encouraging blockchain regulations. I can’t really see why. A few years back, Poland was one of the leading countries in the blockchain. Now, it isn’t one of them anymore. I just think that it depends a lot on the government.

If authorities are open to innovations, there is an easy way to develop blockchain regulations. If they aren’t, there aren’t any new developments.

Polish government maybe not so open to new technologies. I’m just speculating here, I don’t know it for sure.

Perhaps, Poland isn’t so eager to blockchain because of European Union? There is no regulation at the EU level, so maybe Poland is afraid to make a move before the EU says something. However, other countries in the EU still make some moves to regulate blockchain and don’t wait for the European regulator.

Poland may not be the best destination to open a blockchain startup. But which countries are next in line to create a blockchain-friendly environment?

Right now, really popular are Switzerland, Lichtenstein, the United States are good too, Singapore. And who will be next? Whoever will come up with clear, simple, transparent and fair regulations, will attract new blockchain companies. There isn’t any clear answer that it would be this country or that country. No, any country can be attractive to blockchain developers, if they will change the rules.

One last thing: what will happen with the blockchain industry in the next few months, years?

Ooooh, it is tough for me to answer. I can comment on the digital assets, on digital securities. I think the market is huge. I’ve talked to a lot of investment funds, hedge funds and they see that the market is enormous and it has a tremendous potential.

Digitalization of assets cannot be offered to investors right now.

The blockchain market is going to evolve in that direction this year, and that’s really one thing I can say for sure. I can’t talk about the whole blockchain industry because I don’t know what will happen and I’m pretty sure that nobody really knows.

Yanina Petrovskaya – Russian & ongoing Swiss attorney7 + years of international legal consulting, legal translation and interpreting from/to Russian, German and English. She is an expert in Blockchain projects in Liechtenstein, business set-up, legal due diligence, M&A, joint ventures, winding-up, and cross-border bankruptcy. She gives speeches about the legal situation in the crypto industry.

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