On 17 March 2023, the Law of 15 March 2023 (Blockchain III Law) was published on Legilux, which entered into force on 23 March 2023.
The law implements EU Regulation 2022/858 on a pilot regime for market infrastructures based on distributed ledger technology (DLT). The Blockchain III Law follows two previous laws, the Law of 1 March 2019 and the Law of 22 January 2021 (Blockchain I and II Laws), which allowed the use of DLT in the issuance and circulation of financial instruments. The new law goes further by allowing Luxembourg to implement the pilot regime resulting from the EU regulation, which exempts market infrastructures using DLT from some existing legislation requirements.
ABBL supports this legal initiative as it will keep Luxembourg at the forefront of the use of DLT, and reminds of its previous 3 position papers on Blockchain I, II and III.
Publication of the Blockchain III Law: what will change
ID
22377
Other Features
AFC
banks
Blockchain/DLT
compliance
consumer protection
CSD
custodian
investment firms
prospectus
regulatory
reporting
securities
Date Published: 2023-03-20
Date Taking Effect: 2023-03-23
Regulatory Framework: DLT Pilot Regulation, Markets in Financial Instruments Directive II (MiFID II), Markets in Financial Instruments Regulation (MiFIR), Central Securities Depositories Regulation (CSDR)
Regulatory Type: law
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