Luxembourg is among the most forward-thinking countries from the point of blockchain legislation implementation. At the moment, the country has taken a significant step forward in providing transparency and legal definiteness concerning the distribution of securities by means of blockchain technology.

As was stated in a notice, published Thursday last week, the country’s Chamber of Deputies adopted the bill with 58 members supporting the legislation and only two voting against it.

Luxembourg, an EU member nation, passed a bill making it possible to legally issue “dematerialized securities” in April 2013 by means of amendment of a securities law passed in 2001. The newly created bill amends the 2001 law in order to include the registration and distribution of securities using secure electronic registration. In accordance with the statement of Chamber, the bill should create a solid legal background for the issuance of securities using blockchain technology. The document indicates that blockchain securities have the same status as traditional securities under the bill.

Luxembourg is well known for its dynamic approach to blockchain technology. In November last year, the University of Luxembourg collaborated with Luxembourg-based trading platform, VNX Exchange, in an effort to enhance the security of digital assets. The above-mentioned cooperation was aimed at creation of higher levels of network security for digital assets.

The small European country is one of several nations, such as Malta, Bermuda, and Switzerland, that are at the center of attention when it comes to blockchain adoption and regulation.

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