Luxembourg completes DLT framework 03 April 2023Luxembourg Reporter: Lucy Carter
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Luxembourg has completed its distributed ledger technology (DLT) framework with the implementation of the Blockchain III Law, in alignment with the EU DLT Pilot Regime. The legislation aims to provide legal certainty and increase confidence around DLT.
The law strengthens DLT activity in the country, expanding the notion of financial instruments to cover those issued under the DLT pilot regime in the Law on the financial sector (5 April 1993) and the Law on markets in financial instruments (30 May 2018).
The Blockchain I Law (2019) clarifies the holding and transfer of securities on DLT-based systems as transfers between securities accounts. The Blockchain II (2021) Laws, allows the issuance and conversion of dematerialised securities through DLT, respectively.
See Issue 310 for more information on Luxembourg as a financial services centre.
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Image: Marcin Krzyzak/stock.adobe.com 