Law of 6 February 2025 implementing MiCAR and related EU digital-finance measures
Also known as: Luxembourg CSSF MiCAR Competent Authority Law of 6 February 2025
Overview
Key Details
Jurisdiction
LuxembourgRegulator
Commission de Surveillance du Secteur Financier (CSSF)
Law Type
Act
Status
In ForceOfficial Law Number
Mémorial A No. 38 (10 Feb. 2025); ELI 2025/02/06/a38
Official Title
Law of 6 February 2025 implementing MiCAR and related EU digital-finance measures
Effective Date
February 10, 2025
Publication Date
February 6, 2025
Last Verified
August 26, 2026
Topics Covered
Who This Law Applies To
Key Requirements
The law implements national measures needed for MiCAR and the EU transfer-of-funds rules for crypto-asset transfers. It appoints the CSSF as Luxembourg's MiCAR competent authority, equips it to authorise and supervise crypto-asset service providers and issuers, and establishes information-gathering, investigation, enforcement and sanctions mechanisms. MiCAR's substantive issuer, stablecoin, market-abuse and CASP rules remain directly applicable EU law.
Key Provisions
CSSF designation; MiCAR authorisation and supervision; information and investigative powers; administrative sanctions; cooperation and professional secrecy; transition from the pre-MiCAR VASP framework; implementation of crypto transfer-information rules.
Licensing & Registration
CASPs require MiCAR authorisation from the CSSF or valid EEA passporting unless a specific MiCAR exemption applies.
AML / CFT
Implements the EU crypto transfer-of-funds framework and connects CASPs with Luxembourg AML/CFT supervision and travel-rule requirements.
Custody & Safeguarding
MiCAR client-asset safeguarding, custody policies, liability and organisational requirements apply under CSSF supervision.
Disclosure & Marketing
MiCAR white-paper, offering, admission-to-trading and marketing communication rules apply, with CSSF filing and oversight functions.
Market Integrity & Enforcement
The CSSF has supervisory, investigative, corrective and sanctions powers, supported by national procedural and penalty provisions.
Tax Treatment
Not addressed by this implementing law; Luxembourg tax treatment depends on the taxpayer, asset and transaction under general tax law.
Official Sources
Related Laws
Decision No. E/35/2023 — VASP Registration and AML/CFT Instructions
Decision No. E/35/2023 on Virtual Asset Service Provider Registration, Cancellation of Registration and AML/CFT Instructions
Oman's FSA Decision No. E/35/2023 requires registration with the Oman Financial Services Authority (formerly Capital Market Authority) before carrying on covered virtual-asset activities in the Sultanate of Oman. It implements AML/CFT, governance and compliance requirements, and provides registration, cancellation and supervisory procedures. This is a VASP registration/AML regime and should be distinguished from any future full licensing framework.
BCB Resolutions No. 519, 520 and 521 of 2025 — Virtual Asset Regulatory Framework
Resoluções BCB nos. 519, 520 e 521, de 10 de novembro de 2025
Brazil's Central Bank (BCB) Resolutions No. 519, 520 and 521 of 10 November 2025 implement the virtual-asset regulatory framework under the supervision of the Central Bank. Resolution 519 establishes VASP authorisation procedures; Resolution 520 sets activity, governance, controls, security and conduct requirements; Resolution 521 integrates specified virtual-asset operations into Brazil's foreign-exchange and international-capital rules. Commencement is staged during 2026 — verify the effective date for each resolution separately.
IOSCO Policy Recommendations for Crypto and Digital Asset Markets (2023)
Policy Recommendations for Crypto and Digital Asset Markets — Final Report (FR11/2023)
The IOSCO Policy Recommendations for Crypto and Digital Asset Markets (2023) contain 18 recommendations grounded in the principle of consistent regulation of economically equivalent activities. They address conflicts of interest, market manipulation, custody, disclosure, retail risks and cross-border cooperation. IOSCO recommendations are not self-executing domestic law — implementation depends on member regulators in their respective jurisdictions.
Utility Token Offering Act, 2018 (Act No. 4/2018)
Utility Token Offering Act, 2018 (Act No. 4 of 2018)
Anguilla's Utility Token Offering Act 2018 (Act No. 4/2018) is one of the world's earliest purpose-built utility-token offering frameworks. It creates registration requirements for utility-token issuers, sets offering, disclosure and issuer-qualification conditions, and works with AML regulations and later amendments. Verify the most recent consolidation — a 2020 amendment may affect the effective/status fields.
SBS Resolution No. 02648-2024 — AML/CFT Rules for VASPs
Resolución SBS N.° 02648-2024 — Normas para la Gestión de Riesgos de LA/FT aplicable a PSAVs
Peru's SBS Resolution No. 02648-2024 applies AML/CFT risk-management and compliance duties to virtual asset service providers (PSAVs) supervised by UIF-Peru. It requires customer due diligence, recordkeeping and suspicious-transaction reporting. The resolution also contains a travel-rule chapter, but commencement of the travel rule has been deferred to 1 January 2029 through a later amendment — the travel rule is not currently effective.
Financial Market Digitalisation Act (Finanzmarktdigitalisierungsgesetz — FinmadiG)
Gesetz zur Digitalisierung des Finanzmarktes (Finanzmarktdigitalisierungsgesetz — FinmadiG)
Germany's Financial Market Digitalisation Act (FinmadiG) aligns German financial-market law with MiCA and DORA, establishes national supervisory powers and enforcement mechanisms for BaFin, and addresses the transition from existing German crypto-custody regulation. It applies to German financial entities, CASPs and other firms affected by MiCA/DORA national implementation.
