Workshop on on-chain cash for Luxembourg for Finance

On May 21st in Zurich, I moderated a workshop on on-chain cash for Luxembourg for Finance and the discussion went far deeper than expected.

A few takeaways that stayed with me :

- The nature of the claim is everything. Whether you hold a claim against a central bank, a commercial bank or a private issuer changes the entire legal and risk picture.

- Interoperability is not just a tech problem. It's a legal, institutional and regulatory challenge across ledgers, payment systems, messaging standards and jurisdictions.

- Regulatory clarity is necessary but not sufficient. MiCA exists. EMT issuance in Europe remains limited. Business readiness and operational infrastructure are equally decisive.

On Switzerland : the consultation opened in November 2025. The question is whether Switzerland aligns with MiCA or takes time to observe how implementation challenges unfold in the EU first. Given that MiCA may itself evolve, there's a strong argument for watching carefully before locking in a domestic framework.

A huge thank you to the participants who made this discussion so rich : Ashley Barnes (HSBC), Clémentine Drouot (Taurus), David D'Amico (Banking Circle), Peter Hubli (Zürcher Kantonalbank), Hans Kuhn (Lawside), Robert Oleschak (Swiss National Bank), Matthew Osborne (Ripple), Karen O'Sullivan (CSSF), Oliver Sigrist (BIS Innovation Hub), Daniel Dedeyan (Loyens & Loeff), Alisa K. (LGT), Leonardo Natuzzi (ERI), Salvatore Iacangelo (Amundi Alpha Associates), Federico Demicheli (STOKR), Stephanie Meder (Pictet Group), Gabriele Guaita (UBS), and Maghnus Mareneck (Cosmos Labs). And a warm thank you to the Luxembourg for Finance team for the flawless organisation : Chris Hollifield, Aurélie Zambeaux and Sara Pereira.

It was also a genuine pleasure to reconnect with so many friends from Luxembourg and Switzerland in one room : Laurent Marochini (Standard Chartered, Denzel W. (B2C2), Paolo Brignardello (FundsDLT), Marco Kessler (SDX), Dr. Sebastian Preil (Amina Bank), Tobias Seidl (STOKR), Gerry Afentakis (Zodia), Julie Bourgeois & Julien Wolff (6M), JB Graftieaux (Coinbase), Rani Jabban (Arab Bank Switzerland), Fritz W Jost (Sygnum), Fabio Elsener

These are the conversations that move the industry forward.