Answer ... Luxembourg has a well-established and well-recognised fintech industry, with a favourable licensing framework and a very approachable competent authority, as well as reputable fintech players. However, the legal and regulatory framework is complex to navigate, necessitating the involvement of specialists. Attention should also be paid to the substance requirement for employees and the associated costs. Finally, it is paramount to obtain legal and regulatory clearance before starting to operate in the fintech industry in Luxembourg.
Co-authored by Sandy Brumberg, Professional Support Lawyer