According to news on December 21, Luxembourg passed the “Blockchain Law 4”, aiming to make it easier to adopt DLT for securities. This is the country’s fourth blockchain law. Under current DLT securities laws, Luxembourg adopts a two-tier concept involving a central account manager, similar to a Central Securities Depository (CSD), but less onerous. The second level involves the account manager, or custodian. An EU credit institution or investment company or a Central Securities Depository (CSD) can act as the controlling agent. There is no need to obtain a license in Luxembourg, but the supervisory authority (CSSF) must be notified several months in advance.