Altcoin News: Luxembourg Has Passed a Bill to Regulate the Use of Blockchain in the Financial Sector

February 15, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Luxembourg parliamentarians approved a bill regulating the use of blockchain technology in the financial sector.

The new law should make the work of market participants more transparent, as well as provide certainty in the legal sphere when working with securities using distributed registry technology. Also, the document will help make the transfer of securities more efficient by reducing the number of intermediaries.

It is reported that the new law gives transactions in the blockchain the same status and protection as the transfers made using traditional means. It is noteworthy that out of 60 parliamentarians, only two people from the left party voted against the adoption of the bill.

Note that the Luxembourg authorities are taking a proactive stance against cryptocurrency. For example, in 2015, it was in this country that the first license was issued to work with cryptocurrencies in Europe, and at the end of November last year, VNX Exchange, which is a member of the local financial technology incubator and the Association of Information Technology Specialists, announced a partnership with University of Luxembourg to improve the security of digital assets.

Author: Marko Vidrih