The Commission de Surveillance du Secteur Financier published Version 1 of its FAQ on tokenisation on 2 October 2026, its first dedicated guidance on the subject. The document is supervisory guidance rather than a regulation, states that it is non exhaustive, and may be updated. It answers questions on native issuance, the registrar function, control agents and operational resilience.
The FAQ reads across the Law of 6 April 2013 on dematerialised securities, the Law of 20 December 2024 known as Blockchain Law IV, the Law of 5 April 1993 on the financial sector, the Law of 23 December 1998 establishing the CSSF, and the Law of 10 August 1915 on commercial companies. It also applies CSSF Circulars 22/811, 22/806 and 25/882, and Regulation (EU) 2022/2554 on digital operational resilience. On native issuance the CSSF answers yes: Luxembourg undertakings for collective investment can issue native units or shares using distributed ledger technology where the operating model complies with the applicable rules, and those units or shares may be registered or dematerialised, because using the technology does not by itself determine legal form.
Fund promoters and management companies now have a stated supervisory position for issuing units directly on a ledger rather than tokenising an off chain register. Appointing a control agent does not displace the need for an undertaking for collective investment administrator performing the registrar function, which must still carry out the residual tasks under points (19) and (20) of Circular 22/811. More than one administrator may act as registrar for a fund issuing both tokenised and traditional units, subject to avoiding fragmentation, keeping a consolidated view of units and shares, and disclosing every administrator's name and function, which must be clearly disclosed in the offering documents.
An entity intending to act as control agent must present its operating model to the CSSF and notify it at least two months before starting that activity, and the notification period only begins once the CSSF confirms the notification is complete. Outsourcing and ICT third party arrangements need separate notification, generally three months in advance, reduced to one month for a Luxembourg support professional of the financial sector. An EEA entity must inform its home competent authority first, and cooperation with the CSSF must be verifiable. The CSSF treats control agents as subject to Regulation (EU) 2022/2554 as a whole, and considers the control agent activity highly likely to be a critical or important function, so provider arrangements, including smart contract development, must be notified under Circular CSSF 25/882.
Licentium advises fund promoters, management companies, administrators and technology providers on tokenised fund structures and Luxembourg supervisory notification duties. Work we undertake includes operating model design for native DLT issuance, control agent notification and outsourcing filings, registrar and administrator role allocation under Circular 22/811, and digital operational resilience mapping under Regulation (EU) 2022/2554.