Luxembourg is Aiming to Provide Some Legal Certainty to the Blockchain Market
The current government in Luxembourg is hoping it will pass a bill through their legislature which could enable the blockchain technology to be easily backed by the extra layer of the legal security.
More On The Country
Luxembourg is a tiny landlocked country that seems to be having a very important role in the EU as being the seat of the current European Court of Justice, which is currently the highest judicial authority that is present within the European community.
The government has tabled the bill to ensure the transactions that have been carried out through the blockchain based platforms have been provided with the same type of security level and the legal structure as the ones that made it without the technology that is behind it.
Pierre Gramegna who is the finance minister of the country went ahead to suggest that these measures are slowly being introduced, as this is a step towards securing the investor's security. As a result, this should be able to increase the confidence in the blockchain technology as the preferred technological tool of trading.
He went ahead to suggest that it was all in the best interest for the current financial sector as several transactions have already been done with the use of blockchain technology, the likes of distributing some parts of the investment funds, just as an example.
The country is continuing to position itself to be the blockchain technology hub within the region; Belgium, France and Germany surround it.
The country is still in throws of expanding its current development within the sector. Last year Xavier Bettel, Luxembourg Minister of telecommunication and the Prime minister made some comments saying that the country is fulfilling their current role as the coordinator and Kickstarter. This is by leaving the technological plus commercial choices to the growing industry.
At the same time, they also facilitate the projects that will create a meaningful cutting edge technology for the market.
The new bill that has been drafted and expected to be passed in the legislation has primarily been aimed at the blockchain technology and will be able to make any reference to the ICOs or the crypto coins. However, it will be focusing on the new technology’s target, which is the promotion of goods and services to the consumers. The CSSF, which is the country’s financial regulator has not warmed up to the crypto-coin concept, just like its neighbors.