{"id":"topics/fintech-and-payments","title":"Fintech, crypto-assets, and payments","type":"topic","html":"

Fintech, crypto-assets, and payments run through the Chamber from June 2024, when Luxembourg's early transposition of the EU crypto-assets rules drew comment, to June 2026, when the sovereign wealth fund's Bitcoin holding was still being explained. The sittings covered bill 8387 transposing the EU Markets in Crypto-Assets Regulation (MiCA), bill 8425 creating a distributed-ledger-technology control agent for dematerialised securities, and bill 8460 transposing the EU Instant Payments Regulation, alongside the digital euro, the Wero payment app, the CSSF's licensing of crypto and payment firms, and the Luxembourg House of Financial Technology. Compliance and tax angles on the same firms are covered on The financial centre and financial regulation. The quotes below are taken verbatim from the Compte rendu officiel of each sitting.

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CSV

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On 22 January 2025, during the debate on bill 8387 implementing the EU MiCA regulation, Diane Adehm described the new authorisation regime for crypto-asset issuers.

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D’Emetteure vu Kryptoaktiva ënnerleien an Zukunft strengen harmoniséierte Reegelen an der Europäescher Unioun. Si musse Gréng Luucht vun der nationaler Finanzopsiicht kréien. An zoustänneg dofir gëtt hei zu Lëtzebuerg d’CSSF.

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Issuers of crypto-assets will in future be subject to strict harmonised rules across the European Union. They must get a green light from the national financial supervisor, and the CSSF is responsible for this in Luxembourg.

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Sitting of 22 January 2025, Diane Adehm, CSV

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On 19 December 2024, during the debate on bill 8425 creating a control agent for dematerialised securities, Maurice Bauer described the new agent's use of distributed-ledger technology.

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De Kontrollagent ka Gebrauch maache vun der DLT-Technologie, déi et him erlaabt, op eng geséchert Aart a Weis Informatiounen iwwert de Besëtz vun den Titren, déi vun eenzelnen Acteuren am Marché gehandelt ginn, ze sammelen an ze deelen.

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The control agent can use DLT technology, which lets it securely collect and share information about the ownership of securities traded by individual market participants.

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Sitting of 19 December 2024, Maurice Bauer, CSV

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On 5 December 2024, during the interpellation on the follow-up to the fintech ecosystem, Laurent Mosar described a fintech start-up that raised outside investment yet could not open a Luxembourg bank account.

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Si huet e Privatinvestisseur fonnt, dee 17 Milliounen Euro dran investéiert. Wësst Der, u wat déi am Moment amgaangen ass, ze scheiteren – a wa mer Pech hunn, wäerte se muer an Amerika auswanderen? Si kréie kee Bankkont an deem Land méi opgemaach, Dir Dammen an Dir Hären!

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It found a private investor who put in 17 million euros. Do you know what it is now at risk of failing on, and if we are unlucky it will emigrate to America tomorrow? It can no longer get a bank account opened in this country, ladies and gentlemen!

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Sitting of 5 December 2024, Laurent Mosar, CSV

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On 12 February 2026, during the extended questions on Europe's dependence on foreign payment networks, Laurent Mosar gave the share of European transactions running through Visa and Mastercard.

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Dir musst wëssen, datt an Europa 61 % vun alle getätegten Transaktiounen iwwert déi zwee Bezuelsystemer do gemaach ginn.

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You must know that in Europe, 61% of all transactions carried out go through those two payment systems.

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Sitting of 12 February 2026, Laurent Mosar, CSV

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DP

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On 22 January 2025, during the debate on bill 8387 implementing MiCA, André Bauler argued that crypto-assets bring both opportunity and money-laundering risk.

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Dës stellen en enormt Potenzial fir eise weltwäit verzweigten an international aktive Finanzzentrum duer. An deem Sënn muss een och de Risiko vu Geldwäsch séier am Bléck hunn an dëse Risiko muss och séier ënnerbonne ginn.

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These represent enormous potential for our globally connected and internationally active financial centre. In that sense one must also keep a quick eye on the risk of money laundering, and that risk must also be cut off quickly.

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Sitting of 22 January 2025, André Bauler, DP

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On 14 May 2025, during the debate on the state of the nation, Gilles Baum described the government's action plan of financial incentives for start-ups.

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Dëse bitt eng Rei finanziell Ureizer, fir Investissementer an all eis Startups unzezéien a fir hir Entwécklung ze fërderen. Investissementer, déi och de FinTechs kënnen hëllefen, fir eis Finanzplaz weider ze diversifizéieren.

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This offers a range of financial incentives to attract investment into all our start-ups and to support their development, investment that can also help fintechs diversify our financial centre further.

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Sitting of 14 May 2025, Gilles Baum, DP

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On 17 December 2024, during the budget debate, Corinne Cahen argued that fintech innovation must go together with cybersecurity.

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Am Beräich vun de FinTech muss d’Innovatioun encouragéiert gi gradewéi d’Collaboratioun tëschent dem ëffentlechen an dem private Secteur. Natierlech muss d’Cybersécherheet groussgeschriwwe ginn, well als internationale Finanzhub si mer besonnesch vulnerabel, wat d’Cyberattacken ugeet.

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In the field of fintech, innovation must be encouraged, as must collaboration between the public and private sector. Naturally cybersecurity must be given priority, since as an international financial hub we are especially vulnerable to cyberattacks.

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Sitting of 17 December 2024, Corinne Cahen, DP

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LSAP

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On 22 January 2025, during the debate on bill 8387 implementing MiCA, Franz Fayot set out LSAP's mixed view of blockchain and crypto-assets.

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Mir sinn der Meenung, dass Blockchain eng interessant Technologie ass a ville Beräicher, notamment an der Fongenindustrie, mee bei de Kryptoavoire si mer dann awer méi skeptesch.

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We take the view that blockchain is an interesting technology in many areas, notably in the fund industry, but on crypto-assets we are more sceptical.

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Sitting of 22 January 2025, Franz Fayot, LSAP

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On 2 April 2025, during the debate on bill 8460 implementing the EU Instant Payments Regulation, Franz Fayot argued that a payee-name check could have prevented a large fraud against a charity.

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An et kann ee sech hei am Fong net dervunner ofhalen, drun ze denken, dass, wann deen IBAN-Namecheck vläicht ee Joer éischter do gewiescht wär, eng ganz grouss Fraude bei enger karitativer Organisatioun, déi eis vill beschäftegt huet hei zu Lëtzebuerg, vläicht net geschitt wär.

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One cannot help but think that, if that IBAN name check had existed a year earlier, a very large fraud against a charitable organisation, which occupied us a great deal here in Luxembourg, might not have happened.

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Sitting of 2 April 2025, Franz Fayot, LSAP

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Piraten

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On 22 January 2025, during the debate on bill 8387 implementing MiCA, Sven Clement cited the collapse of FTX as a case of fraud rather than a failure of blockchain technology.

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Ech zitéiere just dräi Buschtawen, déi jiddwerengem, deen e bëssen eppes mat Krypto ze dinn huet, e Begrëff sinn: „FTX“. Wéi vill Milliarde sinn do verluer gaangen? Net well d’Technologie schlecht war, net well ze vill spekuléiert gouf, mee ganz einfach well Abus bedriwwe gouf, well Fraude gemaach gouf.

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I quote just three letters that mean something to anyone who has had a little to do with crypto: \"FTX\". How many billions were lost there? Not because the technology was bad, not because there was too much speculation, but simply because abuse was committed, because fraud was committed.

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Sitting of 22 January 2025, Sven Clement, Piraten

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On 15 May 2025, during the interpellation on the future development of the financial centre, Sven Clement proposed a regulatory sandbox for fintech.

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D'Schafung vun enger FinTech Regulatory Sandbox, wou nei Geschäftsmodeller kënnen an engem kontrolléierten Ëmfeld getest ginn, ouni direkt all regulatoresch Obligatioun ze erfëllen, wär hei eng nei Opportunitéit.

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The creation of a fintech regulatory sandbox, where new business models can be tested in a controlled environment without immediately meeting every regulatory obligation, would be a new opportunity here.

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Sitting of 15 May 2025, Sven Clement, Piraten

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Ministers

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On 25 June 2025, during the debate on bill 8498 on markets in financial instruments, Gilles Roth, Ministre des Finances, credited the fast transposition of MiCA with drawing Coinbase to move its EU seat to Luxembourg.

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An de Fakt, dass esou vill Ubidder vu Kryptowärungen, ënner anerem Coinbase – dat hutt Der matkritt d’lescht Woch –, wëllen hiren Europasëtz op Lëtzebuerg bréngen, huet domadder ze dinn, dass mir déi Reglementéierung mat engem klore Reegelwierk en place hunn

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The fact that so many crypto providers, including Coinbase, as you will have heard last week, want to bring their European seat to Luxembourg has to do with the fact that we have that regulation in place with a clear set of rules.

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Sitting of 25 June 2025, Gilles Roth, Ministre des Finances

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On 19 December 2024, during the debate on bill 8425 creating a control agent for dematerialised securities, Gilles Roth, Ministre des Finances, cited HSBC's Luxembourg blockchain platform settling European Investment Bank digital bonds.

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D’HSBC-Bank, déi zu Lëtzebuerg ass, déi huet esou eng Blockchain-Plattform. An do gi mëttlerweil alleguerten d’digital Obligatioune vun der BEI iwwert déi Blockchain-Technologie an iwwert déi Plattform vun der HSBC-Bank zu Lëtzebuerg ofgewéckelt.

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The HSBC bank in Luxembourg has such a blockchain platform, and by now all the digital bonds of the EIB are settled over that blockchain technology and over the platform of the HSBC bank in Luxembourg.

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Sitting of 19 December 2024, Gilles Roth, Ministre des Finances

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On 25 June 2024, in answer to a question on the digital euro, Gilles Roth, Ministre des Finances, gave the continuing share of cash in everyday transactions.

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Richteg ass och, dass 59 % vun den Transaktioune mat Geld nach ëmmer mat Boergeld gemaach ginn – 59 %! A 37 % vun de Leit, och dat ass erstaunlech, hunn nach ëmmer Cashreserven, also Boergeld, doheem.

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It is also true that 59% of transactions with money are still made with cash, 59%! And 37% of people, which is also surprising, still keep cash reserves, that is cash, at home.

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Sitting of 25 June 2024, Gilles Roth, Ministre des Finances

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On 16 June 2026, during the extended questions on the investment strategy of the sovereign wealth fund FSIL, Gilles Roth, Ministre des Finances, explained the fund's 1% allocation to crypto-assets.

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An et ass, wéi Der dat virdru gesot hutt, och 1 % a Kryptoaktiva, besonnesch a Bitcoinen. Dat ass awer eng Investitioun, déi och geduecht ass, fir d’Agilitéit vun der Finanzplaz an deem Beräich ze ënnersträichen.

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And as you said before, there is also 1% in crypto-assets, especially in Bitcoin. This is nonetheless an investment also meant to underline the agility of the financial centre in that area.

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Sitting of 16 June 2026, Gilles Roth, Ministre des Finances

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