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The Blockchain III Law came into force on 23 March 2023, completing Luxembourg’s DLT (Distributed Ledger Technology) framework. The adoption of the law comes in the context of Luxembourg’s implementation of the EU DLT Pilot Regime. Specifically, it extends the notion of financial instruments to instruments issued under the DLT pilot regime in the Law on the financial sector (5 April 1993) as well as in the Law on markets in financial instruments (30 May 2018).
The new Blockchain III Law also strengthens the Collateral Law of August 2005, which is particularly protective of beneficiaries of pledges, when these relate to financial instruments, bank accounts or claims located in Luxembourg. Its appeal lies in the fact that it does not allow a pledge contract to be blocked...
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