Luxembourg Passes Blockchain Framework Bill

Luxembourg lawmakers have passed bill 7363 into law, facilitating the use of blockchain technology in financial services, according to an official announcement published by the country’s parliament, the Chamber of Deputies, on Feb. 14. The new law aims to provide financial market participants with more transparency and legal certainty in regard to the circulation of securities with blockchain technology. The bill is also geared to make the transfer of securities more efficient by reducing the number of intermediaries. Luxembourg is known for its proactive approach to blockchain technology. In November 2018, the University of Luxembourg partnered with Luxembourg-based trading platform VNX Exchange in a bid to improve the security of digital assets. Within the collaboration, the University of Luxembourg purportedly helps VNX develop higher levels of network security for digital assets.