- Opening bank accounts
- AML consulting
- Business support
- Сompanies for sale
Luxembourg is known to be a major fintech hub. To live up to this status, the country legislatively approved transferring and holding virtual assets through DLT. In addition, Luxembourg is actually the first country in Europe that put in place specific registration that authorizes the obtainment of a payment institution license.
The Grand Duchy of Luxembourg does not require any authorization or registration from those who issue virtual currencies there. Yet for those who provide digital currency transfer services, there is an obligation of obtaining a payment institution license.
For numerous years now Luxembourg’s main financial regulator called CSSF has been insisting on the introduction of regulation for cryptoasset exchange platforms. The regulator stated that these activities conducted in Luxembourg should be considered as financial ones:
Furthermore, individuals conducting these activities in Luxembourg must obtain a payment institution license.
In case you are planning to launch an ICO, keep I mind that Luxembourg does not have specific legislation dedicated to cryptocurrency exchanges and ICOs. Instead, the country regulates ICOs and cryptocurrency exchanges based on some of the existing legal provisions and supervisory requirements.
Although the Grand Duchy of Luxembourg has not introduced any laws for ICO regulation, entrepreneurs who seek to establish a cryptocurrency exchange there should take into consideration that the country has strict AML/CFT obligations. At any rate, Luxembourg is still expected to be a key international fintech hub.
Do you need more information and assistance with cryptocurrency regulation rules in Luxembourg? Are you about to set up a cryptocurrency exchange there and need help with opening it and obtaining a license? COREDO is here for you: just contact us and we will provide you with a personal consultation.