Luxembourg New 'Bill 7363' To Employ Blockchain In Financial Services.

Luxembourg New 'Bill 7363' To Employ Blockchain In Financial Services.

2019-02-15 | Selina Mathew

Luxembourg New 'Bill 7363' To Employ Blockchain In Financial Services.

In line with a recent official 'announcement' published by the country’s parliament, Luxembourg regulators have passed a new bill 7363 into law, facilitating the employment of blockchain technology in monetary services.

The new law aims offering monetary market participants with additional transparency and legal certainty in respect to the circulation of securities with 'blockchain' technology. The bill is also additionally geared to make the transfer of securities more economically reducing the intermediaries involved.

In line with native news outlet Luxembourg Time, the bill 'grants' transactions processed with blockchain technology an equivalent status and protection as those done through standard means. Out of sixty parliamentarians, solely two members of the lefwing party named ‘déi Lénk’ reportedly voted against the new introduced 'bill'.

Luxembourg is well-knowned for its proactive approach towards blockchain technology. Earlier in Nov. last year, the University of [Luxembourg] 'partnered' with Luxembourg- based trading platform named 'VNX Exchange' in its very bid to enhance the security of digital assets. Within the collaboration, the University of [Luxembourg] supposedly helps VNX develop higher levels of network security for digital assets.

Even in March, the Luxembourg Financial Regulator ‘CSSF’ announced a warning against investments in cryptocurrencies and ICOs [Initial Coin Offerings]. The regulator noted within the warning that cryptocurrencies aren’t backed-up by any central bank, and warned against the volatility of virtual currencies, stressing that deals are typically not entirely clear and business models are incomprehensible.

Meanwhile, a study conducted by renowned analysis company ‘Ipsos’ on behalf of Dutch ING Bank B.V., earlier in June 'discovered' that the bottom rate of individuals owning cryptocurrency — 4% — rate is in Luxembourg.

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