Regulator: Commission de Surveillance du Secteur Financier (CSSF)
Luxembourg has long embraced fintech, being home to major e-money and payment institutions (e.g., PayPal, Amazon Payments Europe). Under MiCAR, stablecoins (EMTs and ARTs) must now follow strict licensing, reserve, and disclosure rules. The Commission de Surveillance du Secteur Financier (CSSF) is the national competent authority, supervising CASPs and stablecoin issuers. Luxembourg is positioning itself as an EU hub for compliant stablecoin issuance, leveraging its established e-money and fund industries.
