Slovenia Takes Lead in Blockchain Regulation within EU Framework

Slovenia Establishes Blockchain Test Infrastructure

In a significant move towards embracing cutting-edge technology, Slovenia has become the first Member State of the European Union to establish a blockchain test infrastructure. This development comes on the heels of China’s recent announcement about plans for a national blockchain infrastructure.

European Blockchain Services Infrastructure (EBSI)

Within the EU framework, Slovenia will play an active role in developing use cases implemented on the EBSI. The country’s innovative approach is seen as a key step towards harnessing the potential of blockchain technology and driving economic growth.

Hashnet Establishes SI-Chain Infrastructure

Hashnet, a leading provider of innovative technologies, has established the SI-Chain infrastructure in collaboration with Telemach, a telecommunication solutions provider. This cutting-edge technology facilitates transactions and the creation of smart contracts, with Hashnet’s distributed ledger technology being one of the fastest and most energy-efficient globally.

Government Support for Blockchain Development

Tadej Slapnik, managing director of Hashnet Slovenia, emphasized that the goal is to integrate blockchain technology into business models and public services, enabling high-speed transactions. The Slovenian government has recognized the importance of blockchain in driving economic development, improving efficiency, productivity, and competitiveness.

EU Funded Projects

To support this initiative, the Ministry of Economic Development and Technology issued a call for Demo/Pilot projects funded by EU funds totaling EUR 73 million. The allocation will focus on projects that utilize blockchain technology (65% funding), AI (74% funding), and other converging technologies such as IoT, big data, ML, predictive analytics, AR, VR, MR, and 3D.

Regulatory Solutions for Industry Verticals

The findings from these projects will help the Slovenian government develop regulatory solutions for specific industry verticals using blockchain. This includes introducing smart contract definition into Slovenian corporate law and regulating digital entities and regulatory sandboxes for different fields of industry and public sectors.

Global Recognition

Slovenia’s success in the field of blockchain has been recognized globally, with the country joining the Group of Friends on Digital Technologies at the United Nations. It was also acknowledged as a role model for cooperation between the public and private sectors in developing blockchain solutions.

European Commission Recognizes Slovenia

The European Commission recognized Slovenia as a reliable partner to host the first pilot project – the regional investment fund for AI and Blockchain startups in Europe. The success of Slovenian blockchain companies demonstrates evidence of growth in the use of emerging key enabling technologies, which is an essential factor driving technological development at an exceptional pace in human history.

Zoran Poznič on Humanizing Technologies

Zoran Poznič, Minister of Culture, emphasized that modern society will have to cope with the humanization of technologies as we move forward. Since 2017, when Slovenian projects received over 5% global investments in blockchain projects, Slovenia has experienced steady growth.

Nena Dokuzov on Blockchain Visibility and Recognition

The success of Slovenia’s blockchain industry can be attributed to a large number of highly skilled IT professionals engaged in these projects. This knowledge and new markets boosted Slovenian blockchain visibility and recognition, according to Nena Dokuzov, responsible for blockchain technologies at the Ministry of Economic Development and Technology.