Luxembourg lawmakers have passed bill 7363 into law, aiming to encourage the use of blockchain technology in the country’s financial services. According to an official announcement published by the country’s Chamber of Deputies on February 14, the bill was passed with 58 yes and two no votes. The two members of the parliament who voted no on the bill are members of the left-wing party déi Lénk, reports showed.
Bill 7363 was created in order to provide financial market participants with more transparency and legal certainty in regard to the circulation of securities with blockchain technology. The bill also aims to make the transfer of securities more efficient by reducing the number of intermediaries.
According to local news outlet Luxembourg Times, the bill grants transactions done with blockchain technology the same legal status and protection as those done through traditional means.