Category Archives: European Court of Justice

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Luxembourg University and VNX Exchange Collaborate On Crypto Security

Luxembourg-based VNX Exchange and the University of Luxembourg have combined efforts to improve the security of digital assets in a collaborative project.

VNX is a marketplace and trading platform for tokenized ventures, and a member of Luxembourg House of Financial Technology (LHoFT), Infrachain and APSI (L’Association des Professionnels de la Société de l’Information).

The university’s role in the project will be to develop greater security for digital assets and design new IT frameworks to improve exchange security. Researchers at the University’s Interdisciplinary Centre for Security, Reliability, and Trust (SnT) will be working on a solution to ensure that contracts that control individual transactions are vulnerability free.

Network Security expert at the University Dr. Radu State has noted that several issues need to be addressed regarding the current systems offering tokens. VNX founder and CEO Alexander Tkachenko has agreed that the exchange will need to adjust and improve in order to meet market standards by examining its investor protection facilities, commenting:

“In creating a secure and regulatory compliant marketplace for the transparent trading of tokens representing digital assets we aimed to introduce modern security mechanisms that could totally secure our platform and could impact the global cybersecurity market.”

Tkachenko said he was convinced that “blockchain technology is the next big step in the financial sector’s evolution.”

Tiny landlocked Luxembourg has an important role in the EU as the seat of the European Court of Justice, the highest judicial authority in the European Community. Luxembourg is continuing to position itself as a blockchain hub in the region; surrounded by France, Germany, and Belgium. It is still in the throes of expanding its development in the sector. In comments made last year by Xavier Bettel, Luxembourg’s Prime Minister and Minister of Telecommunication stated:

“The state is fulfilling its role as a kickstarter and a coordinator while leaving technological and commercial choices to the industry,” whilst facilitating projects which create “meaningful projects in cutting-edge technology.”

 

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Luxembourg Aims to Provide Legal Certainty for Blockchain

The government of Luxembourg is hoping to pass a bill through their legislature which will enable blockchain technology to be backed by an extra layer of legal security.

Tiny landlocked Luxembourg has an important role in the EU as the seat of the European Court of Justice, the highest judicial authority in the European Community. The bill which is being tabled by the government has been drafted in order to ensure that all blockchain-based transactions have the same level of security and legal stature as of those made without the technology behind them.

The country’s finance minister Pierre Gramegna has suggested that such measures are being introduced as a step to guarantee investor security and confidence in blockchain as a technological tool, suggesting that:

”This was in the best interests of the financial sector, as there have already been transactions done using blockchain, such as distributing parts of investment funds, for example.”

Luxembourg, is continuing to position itself as a blockchain hub in the region; surrounded by France, Germany, and Belgium. It is still in the throws of expanding its development in the sector. In comments made last year by Xavier Bettel, Luxembourg’s Prime Minister and minister of Telecommunication stated:

“The state is fulfilling its role as a kickstarter and a coordinator while leaving technological and commercial choices to the industry”, whilst facilitating projects which create “meaningful projects in cutting-edge technology.”

The new bill which is expected to pass into legislation is primarily aimed at blockchain and will make no reference to cryptocurrency or ICOs, but will focus on the new technology’s target of promoting new financial goods and services. Luxembourg’s financial regulator the CSSF has not particularly warmed to cryptocurrency in the same way as its neighbours, warning earlier this year that as yet the ICO model is as yet unproven.

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