The second day of Luxembourg Blockchain Week opened last Tuesday, November 25, 2025, at the Kinepolis Kirchberg, with an agenda tightly focused on the evolving digital-currency infrastructure and the asset-management implications of distributed-ledger technologies. From the earliest exchanges over breakfast, it was clear that participants were ready to dive into the central question of the day: how far — and how fast — Luxembourg can position itself as a European leader in the digital-asset economy.

Morning session: The new digital currency landscape

The day began with opening remarks delivered by Emilie Allaert (CEO, Digital Minds), Kamel Amroune (CEO, The Dots) and Laurent Kratz (CEO, Scorechain), who welcomed attendees and emphasised Luxembourg’s ambition as a European hub for digital finance. As Emilie Allaert noted, the day “promises to be an extraordinary moment of insights, debates and connections in the world of digital finance and blockchain”.

The conference then moved into its first keynote, Setting the Stage: Luxembourg as Europe’s Digital Finance Hub, moderated by Nasir Zubairi (CEO, the LHoFT), with Tom Theobald (CEO, Luxembourg For Finance), and Natasha Deloge (Head of Innovation Division, CSSF), offering perspective. Together, they outlined why Luxembourg’s regulatory clarity, mature financial ecosystem and cross-border expertise position the country as a natural leader in the emerging tokenised-economy era. As Tom Theobald noted, “We need to continue to ensure we provide legal clarity around the use of digital assets and tokenization”.

Building on this reflection, the discussion moved toward Stablecoins & Settlement Coins: The Infrastructure of Tomorrow, moderated by Laurence Stijns Collignon (Bridge/BBSA), with insights from Matthew Osborne (Policy Director for UK & Europe, Ripple). The session explored how stablecoins have evolved from crypto-native instruments into a core component of emerging financial infrastructure, especially as they bridge traditional banking rails with new DLT-based systems. As Osborne noted, stablecoins and CBDCs are likely to coexist rather than replace one another, each playing a complementary role in digital finance.

The conversation then turned to What’s the future of payments and what does it really mean for businesses to have stablecoins and settlement coins?, moderated by Laurent Marochini (CEO, Standard Chartered Luxembourg) with Luis Schaubhut (Chief of Staff, Allunity), Ryan Davis (Partner, PwC) and Svetlana Prussova (Member of the board, CoinsPaid). The panel discussed the most relevant use cases in Europe—ranging from cross-border payments to treasury optimisation—and whether a future euro retail CBDC could slow private-stablecoin adoption. As Ryan Davis noted, “a central-bank-issued digital currency would essentially compete with, and potentially slow, the adoption of private stablecoins”.

From there, the debate turned to Exchange Warfare: CEX vs DEX for Institutional Trading, featuring Clement Milville (Head of Technology, Coinbase), Maxime Dehaut (Head of Product & Application Development, Luxembourg Stock Exchange) and moderated by Emilie Allaert. The speakers spotlighted how institutional players are evaluating both centralized and decentralized trading venues — each offering different advantages in terms of liquidity, asset type, regulatory constraints and client mandates. Institutions are likely to blend CEX and DEX rails on a case-by-case basis rather than choosing one over the other.

The morning closed with a panel titled How cryptoexchanges are bridging DeFi and TradFi?, moderated by Philippe Noeltner (Counsel, A&O Shearman). Speakers included Jean-Baptiste Graftieaux (CEO, Coinbase Luxembourg), Jerome Dave (General Manager, Bitstamp Europe) and Graham Rodford (CEO, Archax). The consensus: legacy finance institutions are moving from observation to active participation in DeFi-inspired models of liquidity and settlement.

At this point, a well-timed lunch break commenced, offering delegates the chance to digest the morning’s strategic messages and network with peers.

Afternoon session: A new era for the asset management industry

After lunch the focus turned to tokenisation, real-world assets (RWA) and how traditional asset-managers are adapting to the blockchain era.

Georges Bock (Founder & CEO, Moniflo by Investre) and Sébastien Schmitt (Advisory Partner, PwC Luxembourg) explored the topic Tokenisation: RWA, Money Market Fund… a world of opportunity, is there a market?. They advanced the view that liquidity-enhancement, fractional ownership and 24/7 global settlement are now feasible — but only if regulatory and operational risk are effectively managed.

A series of short case-studies followed, with two presentations: one by Laurent Kratz (Co-founder, Scorechain), the other by Paul Cas (CPO, Nodz). Brief but pointed, these case-studies underlined how real-world implementations — such as digital securities, tokenised funds and cross-border liquidity flows — are maturing in Luxembourg and beyond.

After that, came the headline session: The Tokenisation Tsunami: Real-World Assets Meet Digital Infrastructure, moderated by Romain Swertvaeger (Partner – Fintech Leader, EY Luxembourg). Contributions from Samantha Job (Group Manager – Operations, CACEIS Bank), Alvaro Garrido Mesa (Founder, Legal Node), Georges Bock and Max Costet (Head of Benelux, Fireblocks) painted a vivid picture: infrastructure is catching up quickly — digital custodianship, token issuance platforms, market-making for tokenised assets are all converging. As Max Costet noted, “the foundation is solid — but widespread adoption now depends on education and the development of secondary markets.”

The conversation naturally shifted to treasury management: Treasury Management Strategy in the Digital Age, with Sanat Rao (Chief Investment Officer, BTC Fund, Monarq Asset Management), Denzel Walters (Head of Luxembourg, B2C2), Quentin Werlé, Head of Portfolio Management, 6 Monks), and moderator Jan Reinhart (Managing Director, Reinhart Capital). The panel examined how corporate and asset-manager treasury teams must adapt to digital-asset volatility, liquidity pressures and new DeFi-driven instruments — and how Luxembourg firms are positioning themselves to take advantage

The scene then turned to Custody Battle: Traditional Depositary vs DeFi Self-Custody, with Ami Nagata (Managing Director, Zodia Custody Luxembourg) facing off against Guido Wille (Member of the Executive Board, Clearstream Luxembourg), moderated by Romain Swertvaeger. Their discussion highlighted how regulatory standards, technological maturity and client trust are shaping the custody landscape — and why most institutional models are inevitably moving toward hybrid solutions. As Guido Wille noted, “a lot of the future is going to be hybrid — institutions still need the safety and support of traditional infrastructure while accessing blockchain-based environments”.

A key moment emerged with one of the most-anticipated panels: Beyond MiCA: What’s Next for European Digital Asset Regulation?, featuring Boika Deleva (Counsel, Clifford Chance), Roeland Van Der Stappen (Head of EU Policy, Coinbase), Natasha Deloge, Matthew Osborne, and Tommaso Astazi (Policy Director, Blockchain for Europe (BC4EU)) together with Emilie Allaert as the moderator. The panel emphasised that while MiCA has laid essential groundwork, the next chapter will focus on interoperability, transparency and broader institutional adoption across Europe. As Tommaso Astazi noted, “a big package coming from the European Commission could mark a new chapter in how we regulate digital assets — from stablecoins to potential explorations of DeFi, staking and lending”.

After a coffee break, the focus moved to Building Trust in Digital Asset & Web3 ecosystems, with Pierre Gérard (CEO, Scorechain), Sergiu Draganus (CEO, Ludo) and Pedro Antonino (Senior Research Scientist, The Blockhouse Technology). Patrick Hennes (Head of Digital Asset Servicing, DZ PRIVATBANK) moderated this session to explore how fund-managers must integrate blockchain-native risk-monitoring, analytics and compliance tools to keep pace with the industry. The discussion also stressed the need for greater transparency frameworks and stronger industry standards across digital-asset infrastructures.

The conference then turned to Crypto-Finance in Transition: Legal, Institutional and Market Perspectives, moderated by Alexandre Castaing (Managing Partner, Axon). Speakers included Luigi Cantisani (Head of the Blockchain & Crypto-Assets Legal Practice, Futura Law Firm), Vasja Zupan (Head of Operatons, Coinbase), Dr. Vic Arulchandran (Director, Clearstream/Deutsche Börse Group), and Colby Mangels (Global Head of Government Solutions, TaxBit). They reflected on the legal and institutional shift from niche crypto to an integrated component of capital markets. As Luigi Cantisani stressed, “there are no separate markets for crypto-assets and financial instruments — there is only a single financial market”.

Panel & Closing: The Luxembourg position

Leading into the final discussions, the ABBL — Luxembourg Bankers’ Association — hosted a Fireside Chat entitled From Global Momentum to National Leadership: Where Does Luxembourg Stand on the Blockchain Map? Interviewee: Laurent Marochini (Head of ABBL Working Group Tokenisation & DLT, Standard Chartered), Moderator: Ananda Kautz (Member of the Management Board, ABBL). The conversation underscored Luxembourg’s ambition not just to host innovation but to shape the rules and infrastructure.

Immediately following, the ABBL panel discussion Building Bridges: How to Shape the Future of Tokenisation and Digital Assets in Luxembourg? convened industry heavy-weights: Olivier Chapiteau (Funding Officer, European Investment Bank), Nadia Manzari (Avocate à la Cour, MANZARI Legal), Olivier Portenseigne (CEO, FundsDLT) and Nick Ashton (Director, Country Head Belgium & Luxembourg, HSBC), moderated by Giulia Pescatore (Senior Manager Strategy & Innovation, Deloitte). The consensus: tokenisation isn’t a blueprint — it’s being implemented — and Luxembourg intends to be among the front-runners. As Olivier Chapiteau noted, “we still need to sit together to crystallise common standards and strengthen interoperability across the ecosystem”.

Finally, in a forward-looking session titled AI Driven. Crypto Driven. The Future You Didn't See Coming, Xavier Buck (Founder, Namespace Group) and Sergiu Draganus (CEO, Ludo) sketched out why Luxembourg’s mix of regulatory clarity, global banking reach and fintech-infrastructure make it uniquely placed for stablecoins, digital-assets and tokenised liquidity. As Xavier Buck remarked, “dynamic NFTs could become a key cornerstone for digital reputation — enabling crypto and AI to converge in entirely new ways”.

The day concluded with closing remarks from Kamel Amroune and Emilie Allaert. As Kamel Amroune (CEO, The Dots) noted: “Hosting an event of this scale is essential for the entire ecosystem. Blockchain, digital assets and tokenisation form a rapidly growing and highly promising sector, and Luxembourg is uniquely positioned to play a leading role in it. I am particularly proud that The Dots was able to organise, for the very first time, a full day dedicated to these strategic topics as part of Luxembourg Blockchain Week. This event shows that when we bring together the right people, the right expertise and a shared ambition, we can accelerate the transformation of our digital economy and build lasting momentum for the years ahead.”

This was followed by a networking cocktail, an opportunity for attendees to digest the day’s content and forge connections beyond the conference hall.

Where ambition meets adoption: Key takeaways from day 2

Luxembourg’s ambition to take a leading role in the digital-asset ecosystem was a recurring theme throughout the day, with discussions on stablecoins, tokenisation, custody and regulation all pointing to a country intent on shaping the next phase of financial innovation.

Across panels and case studies, tokenisation clearly emerged as a field moving from theory to execution, supported by tangible projects in real-world assets, treasury management and custody infrastructure. Regulation also featured prominently, as speakers noted that while MiCA has laid crucial groundwork, attention is already shifting toward next-generation frameworks addressing interoperability, scalability, cross-border operations and more refined token standards. This evolving landscape is mirrored in treasury and custody practices, where institutional actors are increasingly exploring DeFi-inspired models that challenge traditional financial rails.

Yet beyond the content itself, the day’s exchanges highlighted the continued importance of networking, with many attendees stressing that progress often happens as much in corridor conversations and informal deal-making as on stage. As delegates moved toward the evening’s networking cocktail, the prevailing sentiment was that Day 2 of LBW had set a high bar: with infrastructure, regulatory clarity and market appetite aligning in Luxembourg, the question is no longer whether tokenization will scale, but rather how fast — and with which actors driving the momentum.