”Bio” technologies are significant for the future prospects and for knowledge based bioeconomy in general. In the article we examine two areas of problems – one connected to the issue of use of genetic resources and traditional knowledge and another – connected to new plant breeding techniques. We examine whether the law is up to date with the developments in the area of biotechnology and if there is a need for legislative changes in these areas. As it turns out, the necessary legislation may be significantly behind the progress of bio-science. Also, we present potential paths for solving such problems.