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Digital Assets and Blockchain Hub

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Luxembourg: Legal and regulatory developments

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2024

February 2024	Commission de Surveillance du Secteur Financier (CSSF)

The CSSF updated its FAQ Virtual Assets – Undertakings for collective investment in relation to the marketing of UCIs investing directly or indirectly in virtual assets.

AIFs may now invest directly (and indirectly) in virtual assets under the condition that their units are only marketed to well-informed investors.

2022

January 2022	Commission de Surveillance du Secteur Financier (CSSF)

Commission de Surveillance du Secteur Financier published white paper 'Distributed Ledger Technologies (DLT) and Blockchain - Technological risks and recommendations in the financial sector', which is a supporting document aimed at guiding professionals in their due diligence process related to the use of a DLT.

2021

November 2021	Commission de Surveillance du Secteur Financier (CSSF)

The Commission de Surveillance du Secteur Financier published 'CSSF guidance on virtual assets', which provides the present communication and FAQs with the aim to provide professionals with "concise answers to the main practical issues they are facing".

2020

September 2020	Commission de Surveillance du Secteur Financier (CSSF)

The CSSF released a report on its activities in 2019, which mentions developments in respect of cryptoassets.

July 2020	Government of Luxembourg

Luxembourg published draft law No 7637 on dematerialised securities, blockchain and distributed ledger technologies.

The draft law clarifies that issuance accounts for dematerialised securities can also be kept using distributed ledger technology and also extends the scope of entities that are able to act as central account holders to EU credit institutions and investment firms.

The draft law amends the law of 6 April 2013 on dematerialised securities and the law of 5 April 1993 on the financial sector.

June 2020	Commission de Surveillance du Secteur Financier (CSSF)

The CSSF warned the public about an entity called Crypto Center Ltd, which is not authorised to provide financial services in Luxembourg.

April 2020	Commission de Surveillance du Secteur Financier (CSSF)

The CSSF issued a release on virtual assets, virtual asset service providers and the related registration process.

2019

October 2019	Commission de Surveillance du Secteur Financier (CSSF)

The CSSF drew the attention of the public to a fraudulent website (http://fundrockcrypto.com) in which the name and the logo of the Luxembourg authorised management company FundRock Management Company S.A. are being misused. The CSSF said that the potential fraudsters aim notably at reselling cryptocurrencies.

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