Why we need evolutionary, not revolutionary, regulatory initiatives
This July, Luxembourg — the world’s second-largest domicile for investment funds behind the United States — submitted a draft law updating a law from March 1, 2019 that allowed for the registration and transfer of securities by custodians. With this draft law, issuance itself can be based on distributed ledger technology, thereby introducing truly dematerialized DLT or blockchain-based securities.
Furthermore, a central “issuance account” keeper (transfer agent) is required to assume responsibility, and the account keeper has to be authorized by any member state of the European Economic Area, which means that non-Luxembourg credit institutions and investment firms can be the central account holder.
Manuel Rensink is the strategy director at Securrency. He oversees strategy and business development, focusing on industry partnerships and commercialization of the firm’s IP in the areas of digital assets, identity management and exchange protocols. He has over 20 years of experience in institutional capital markets across all major asset classes. Prior to Securrency, Manuel worked as a strategy consultant, head of MENA at index and analytics firm MSCI in Dubai, and head of EMEA at JPMorgan (NYSE:) spin-off RiskMetrics Group in London.
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