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Luxembourg lawmakers pbaded Bill 7363, facilitating the use of blockchain technology in financial services, according to an official announcement issued by the country's parliament, the Chamber of Deputies, on 14 February.
The new law aims to provide financial market participants with greater transparency and legal certainty regarding the circulation of securities with blockchain technology. The bill also aims to make the transfer of securities more efficient by reducing the number of intermediaries.
According to the local press conference Luxembourg Time, the bill gives blockchain transactions the same legal status and protection as those made by traditional means. Of this number, only two members of the leftist party, Déi Lénk, voted against the bill.
Luxembourg is known for its proactive approach to blockchain technology. In November 2018, the University of Luxembourg joined the VNX Exchange trading platform based in Luxembourg, with the aim of improving the security of digital badets. As part of this collaboration, the University of Luxembourg supposedly helped VNX to develop higher levels of network security for digital badets.
In March, the Luxembourg Financial Regulations CSSF issued a warning against investments in crypto-currencies and initial coin offers. The regulator noted in the warning that cryptocurrencies were not supported by any central bank and warned against the volatility of virtual currencies, pointing out that transactions were often not fully transparent and that economic models were incomprehensible.
At the same time, a study conducted by the research company Ipsos on behalf of the Dutch bank ING Bank B.V. in June revealed that the lowest rate of people with cryptocurrency – 4% – is in Luxembourg.
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