Three Baltic states, Estonia, Latvia, and Lithuania, have signed a Memorandum of Understanding (MoU) on their cooperation for regional capital market development.

The MoU includes blockchain technology as a possible area of cooperation. It states:

“The Estonian Ministry, the Latvian Ministry and the Lithuanian Ministry recognise the importance of the development of the capital market and a stronger institutional framework to handle the cross border challenges in the Baltic States.

“[Support]ing the development of capital market innovations and new technologies with a consideration for regional FinTech solutions, e.g. distributed ledger technology.”

Notably, Estonia has been actively involved in the blockchain space for quite some time now. According to e-estonia.com, Estonian government has been testing the technology since 2008. Since 2012, the technology has been in operational use in Estonia’s registries, such as national health, judicial, legislative, security and commercial code systems. The government plans to extend its use to other spheres such as personal medicine, cyber security and data embassies.

In early 2016, the Vice-Minister of Economy of the Republic of Lithuania, Marius Skarupskas, revealed “serious intentions” to invest in the blockchain space.