Luxembourg now allows security account holders to register securities through DLT/Blockchain mechanisms under the newly passed Law 7363 of 14 February 2018 .
The Luxembourg Council of State notes:
"The authors of the bill have limited themselves to a partial approval of this new form of dematerialization. An additional step would have been to recognize a dematerialized security represented by a "token" in authentic "blockchain" to record the ownership of that security, but would have required a more global reflection on the law applicable to that security, the modalities of the opposability of the ownership to third parties and ancillary issues, such as the pledge of that security".
What a pity that European legislative bodies, with the notable exception of Malta, do not engage in a "more global" reflection...
For more information, please contact Damien Concé: d.conce@rosemont.mc or visit our section dedicated to ICO/Blockchain.
Reference texts
Bill 11.12.2018
Other information