Belgium to become 'Switzerland of blockchain', says Secretary of State for Digitalisation

If Mathieu Michel (MR) has his way, Belgium will become the 'Switzerland of the blockchain'. With the Blockchain4Belgium platform, the Secretary of State for Digitalisation is calling on stakeholders from industry, academia, civil society and government to submit findings and recommendations on the impact and potential of blockchain.

Blockchain is a digital ledger of transactions maintained decentralised and can be monitored by all participants. Its best-known applications are cryptocurrencies such as bitcoin.

But the technology can also be used for other things, such as applications for transparent data exchange, smart contracts, more secure IT infrastructure and decentralised finance (DeFi). The latter is a financial system that no longer needs intermediaries such as brokers, exchanges or banks.

The so-called Web3 - a new, decentralised version of the World Wide Web that would give big technology companies less power and users more control over their privacy - will also run on a blockchain.

Blockchain4Belgium

With Blockchain4Belgium, Mathieu Michel, brother of European Council President Charles Michel, is launching a platform for stakeholders from industry, academia, civil society and governments. They are invited to submit findings and recommendations on the impact and opportunities of blockchain. More than 500 stakeholders have already signed up.

One of the priorities will be recommendations on taxation, expected as early as March. In the longer term, the Blockchain4Belgium working groups will focus on recommendations around education and regulation, as well as concrete blockchain applications that the government can start working on.

Michel wants to turn Belgium into a blockchain hub, encouraging companies with favourable and transparent regulations to shop here and create jobs. "Belgium has to become the Switzerland of blockchain," Michel said. The country has built itself into a global financial hub. But, according to the Secretary of State, our country already has enough know-how and talent.

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