Crypto Legal

Weekly Legal Digest 28th February 2019


Luxembourg lawmakers have passed the bill into law, facilitating the use of blockchain technology in financial services.

The new law aims to provide financial market participants with more transparency and make the transfer of securities more efficient by reducing the number of intermediaries.

The bill grants transactions done with blockchain technology the same legal status and protection as those done through traditional means.


The Central Bank of Bahrain has issued new cryptocurrency regulation. The new rules reportedly concern licensing, governance, risk management, Anti-Money Laundering and Counter-Terrorist Financing measures, business conduct, conflict of interest avoidance, reporting and cybersecurity. The regulation also establishes new supervision and enforcement standards.

Cryptocurrency exchanges licensed by Bahrain’s central bank will now also have to respect guidelines concerning order matching, pre and post-trade transparency, market manipulation and market abuse avoidance, as well as conflicts of interest.


Wyoming signed four blockchain-friendly bills. Its pertain to Special Purpose Depository Institutions, Commercial Filing System, Corporate Stock Tokens, and Digital Assets — Existing Law.

1.Special Purpose Depository Institutions. This is to create institutions to service blockchain companies that cannot access traditional banking services. However, these institutions are prohibited from providing loans and must maintain 100 percent of its deposits in its reserves. They must also comply with applicable federal laws.

2. Commercial Filing System. This blockchain bill authorizes the Secretary of State to create a blockchain-based commercial filing system for business entity registration submissions and reports, certain financial statements, and other similar types of filings.

3. Corporate Stock Certificate Tokens: This bill allows businesses in Wyoming to issue ‘certificate tokens’ on a blockchain rather than stock certificates. This way, they can choose whether to list certificated or uncertificated blockchain shares.

4. Digital Assets — Existing Law: This classifies digital assets by type (virtual currencies or digital securities) and specifies how each one should be treated in the context of existing commercial laws. Wyoming banks can also opt to become custodians of digital assets under the terms of this bill.

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Published by GMT Legal

GMT Legal
GMT Legal is an International law firm providing services in crypto and blockchain industry.