Pin Code 2026/1 n° 26
Journal article

Green paper proposal for a société anonyme tokenisée (sat) in luxembourg

Pages 12 to 23

Cite this article

  • SOTIRI, Erwin,
2026. Green paper proposal for a société anonyme tokenisée (sat) in luxembourg. Pin Code, 2026/1 n° 26, p.12-23. DOI : 10.3917/pinc.026.0012. URL : https://droit.cairn.info/revue-pin-code-2026-1-page-12?lang=en.
  • Sotiri, Erwin.
« Green paper proposal for a société anonyme tokenisée (sat) in luxembourg ». Pin Code, 2026/1 n° 26, 2026. p.12-23. CAIRN.INFO, droit.cairn.info/revue-pin-code-2026-1-page-12?lang=en.
  • Sotiri, E.
(2026). Green Paper Proposal for a Société Anonyme Tokenisée (sat) in Luxembourg. Pin Code, 26(1), 12-23. https://doi.org/10.3917/pinc.026.0012.

https://doi.org/10.3917/pinc.026.0012

Abstract
Authors

Cite this article

  • Sotiri, E.
(2026). Green Paper Proposal for a Société Anonyme Tokenisée (sat) in Luxembourg. Pin Code, 26(1), 12-23. https://doi.org/10.3917/pinc.026.0012.
  • Sotiri, Erwin.
« Green paper proposal for a société anonyme tokenisée (sat) in luxembourg ». Pin Code, 2026/1 n° 26, 2026. p.12-23. CAIRN.INFO, droit.cairn.info/revue-pin-code-2026-1-page-12?lang=en.
  • SOTIRI, Erwin,
2026. Green paper proposal for a société anonyme tokenisée (sat) in luxembourg. Pin Code, 2026/1 n° 26, p.12-23. DOI : 10.3917/pinc.026.0012. URL : https://droit.cairn.info/revue-pin-code-2026-1-page-12?lang=en.

https://doi.org/10.3917/pinc.026.0012

Notes

  • [1]
    The law of 6 April 2013 authorises Luxembourg companies and funds to issue dematerialised shares, units, and bonds, creating a comprehensive legal framework for these instruments. Consolidated version https://www.cssf.lu/en/Document/law-of-6-april-2013.
  • [2]
    AKA Blockchain Amendment Law I recognised the ability to hold and transfer securities using DLT-based systems, granting blockchain transactions legal equivalence with traditional methods.
  • [3]
    AKA Blockchain Amendment Law II (2021) recognising the use of secure electronic registration mechanisms, such as DLT, for issuing and maintaining dematerialised securities.
  • [4]
    AKA Blockchain Amendment Law III (2023), updated Luxembourg’s law on financial collateral arrangements to explicitly recognise financial instruments registered on DLT systems, providing legal validity in collateral arrangements.
  • [5]
    AKA Blockchain Amendment Law IV (2025), broadened to unlisted equity, direct credit via DLT, smart contract integration.
  • [6]
    Notably, Directive 2009/102 (single-member companies) and Directive 2017/1132 (codification).
  • [7]
    Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC available at http://data.europa.eu/eli/reg/2017/1129/oj.
  • [8]
    Regulation (EU) No. 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 available at https://eur-lex.europa.eu/eli/reg/2014/909/oj/eng.
  • [9]
    Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology, and amending Regulations (EU) No. 600/2014 and (EU) No. 909/2014 and Directive 2014/65/EU available at http://data.europa.eu/eli/reg/2022/858/oj.
  • [10]
    Regulation (EU) 2023/2854 of the European Parliament and of the Council of 13 December 2023 on harmonised rules on fair access to and use of data and amending Regulation (EU) 2017/2394 and Directive (EU) 2020/1828 (Data Act) available at http://data.europa.eu/eli/reg/2023/2854/oj.
  • [11]
    Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation), consolidated version available at http://data.europa.eu/eli/reg/2016/679/2016-05-04.
  • [12]
    Loi luxembourgeoise du 10 août 1915 concernant les sociétés commerciales.
  • [13]
    Regulation (EU) 2023/2854 of the European Parliament and of the Council of 13 December 2023 on harmonised rules on fair access to and use of data and amending Regulation (EU) 2017/2394 and Directive (EU) 2020/1828 (Data Act) available at http://data.europa.eu/eli/reg/2023/2854/oj.
  • [14]
    B. Choquez, The Meaning of Inbuilt Anonymisation under MiCA, 2024, accessible at https://blog.bcas.io/the-meaning-of-inbuilt-anonymisation-under-mica.
  • [15]
    Directive (EU) 2017/1132 of the European Parliament and of the Council of 14 June 2017 relating to certain aspects of company law available at http://data.europa.eu/eli/dir/2017/1132/oj.
  • [16]
    Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No. 236/2012 Consolidated version available at http://data.europa.eu/eli/reg/2014/909/2025-01-17.
  • [17]
    Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology, and amending Regulations (EU) No. 600/2014 and (EU) No 909/2014 and Directive 2014/65/EU available at http://data.europa.eu/eli/reg/2022/858/oj
  • [18]
    Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No. 1093/2010 and (EU) No. 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937. Consolidated version available at http://data.europa.eu/eli/reg/2023/1114/2024-01-09.
  • [19]
    Regulation (EU) No. 910/2014 of the European Parliament and of the Council of 23 July 2014 on electronic identification and trust services for electronic transactions in the internal market and repealing Directive 1999/93/EC. Consolidated version available at http://data.europa.eu/eli/reg/2014/910/2024-10-18.
English

Cet article propose la création d’une nouvelle forme de société luxembourgeoise, la Société Anonyme Tokenisée (SAT), utilisant nativement la technologie des registres distribués (DLT) pour toutes les actions et fonctions de gouvernance. La SAT serait une entité juridique entièrement conforme au droit de l’UE, émettant des titres tokenisés reconnus comme instruments financiers et permettant une gouvernance basée sur les smart contracts. Cette proposition s’appuie sur la législation avancée du Luxembourg en matière de blockchain et la nécessité d’adapter le droit des sociétés aux innovations technologiques.

Français

This article proposes the creation of a new Luxembourg company form, the Société Anonyme Tokenisée (SAT), which would natively use distributed ledger technology (DLT) for all shares and governance functions. The SAT would be a fully compliant legal entity under EU law, issue tokenised securities recognised as financial instruments, and enable smart contract-based governance. The proposal is based on Luxembourg’s progressive blockchain legislation and the need for corporate law to keep pace with technological innovation.

Uploaded: 03/19/2026

https://doi.org/10.3917/pinc.026.0012

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