Distributed Ledger Technology (DLT) is a part of the digital disruption that is happening nowadays impacting many sectors including the financial services sector. Since one of the main properties and advantages of DLT is the trusted distribution of information between participants, it implies collaboration of such partners.
The Luxembourg Bankers’ Association (ABBL) is keen to inform its members about the new technology and to provide a platform where information about DLT, its features and use-cases could be exchanged and discussed among financial institutions and other stakeholders.
The Working Group “Distributed Ledger Technology” of ABBL’s Digital Banking and FinTech Innovation Cluster (DBFI) has elected its new Head, Christophe Medinger, BCEE, and two Vice-Head: Thibault Chollet, Deloitte Luxembourg and Philippe Van Hecke, Tokeny (ABBL’s FinTech Service Pack user). The Group is composed of DLT, financial and legal experts with a sufficient degree of diversity of backgrounds to respond to specific DLT-related questions of ABBL members.
The Working Group will further explore the use of DLT in the financial sector of Luxembourg. It will be analysing DLT initiatives both in Luxembourg and abroad, giving innovators a regular opportunity to present themselves to the group. Various legal and compliance questions related to, for instance, crypto-assets and Initial Coin Offering (ICO) will be discussed in cooperation with ABBL’s Task Force “Crypto-currencies and crypto-assets” set up by ABBL’s Board of Directors.
The compliance aspects of DLT in the context of GDPR is also an important topic to address. The Working Group will remain in contact with regulators and supervisors such as Commission de Surveillance du Secteur Financier (CSSF) and Commission nationale pour la protection des données (CNPD).
The Working Group will develop guidelines and recommendations to provide legal and technical confidence concerning DLT to ABBL members and will contribute to the research project “Distributed Ledger Prototype and Data Analytics for KYC” run in cooperation with the Interdisciplinary Centre for Security, Reliability and Trust (SnT) of the University of Luxembourg.
By Christophe Medinger, Head of the ABBL “Distributed Ledger Technology ” Working Group and
Andrey Martovoy, Adviser, FinTech, ABBL