Bitcoin: cryptocurrency distributors soon to be installed in Luxembourg?
By Ninon Oget
Published on
Cross-border commuters walking through the streets of Luxemburg will they soon be able to see cryptocurrency distributors?
This is the question the member asked himself. Marc Goergen referring to a “Bitcoin machine at Volksbank Bayern Mitte in Germany. Kurant provider’s cryptocurrency machine is located in the city from Ingolstadt and allows passers-by with a regular ticket to exchange for Bitcoin.”
At this stage, “the Ministry of Finance has no information indicating whether banks or other regulated entities are currently considering installing such machines in Luxembourg or excluding them on principle”, replied the Grand Ducal Minister. Yuriko Backes on Tuesday, August 9, 2022.
A precise legal framework
If certain investees would allow their customers to exchange between cryptocurrencies and ordinary devices, they would have to “register with the Financial Sector Supervisory Commission as a provider of virtual asset services and are subject to the amended law of the November 12, 2004 against money laundering and against the financing of terrorism”details the Minister of Finance.
Not to mention that this exchange is also subject to the legal provisions relating to a payment services law.
In the future, according to the Luxembourg Ministry of Finance, a comprehensive legal framework consisting of uniform rules in the European Union should emerge.
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