Stock options and digital lending: announcements by Gilles Roth
At the third edition of Nexus Luxembourg, which opened on Wednesday at Luxexpo The Box, the minister for finance reiterated the country’s ambition to become a major hub for digital finance. He also took the opportunity to make two key announcements: the forthcoming issuance of a blockchain bond and the presentation to the council of ministers of the reform of the taxation of stock options.
Following the digital treasury certificate issued by the Treasury , “a successful trial”, according to the minister for finance, the government now wants to take things a step further and issue bonds using blockchain technology. The digital treasury certificate had enabled the government to raise €50m in short-term debt on the markets with a six-month maturity. With the next issue, “we will be moving up a gear”, says the finance minister, (CSV), which aims for levels more in line with European benchmarks over the medium to long term.
This issue is also intended to be eligible as collateral with the European Central Bank, which should ensure investor interest. The minister is also aiming for full technological integration: “The use of distributed ledger technology (DLT) will be extended to include the creation of smart contracts. This project aims to demonstrate Luxembourg’s capacity for innovation and position the country as a European pioneer in digital finance.” These efforts are underpinned by the legislative framework established in 2019 to provide legal certainty for tokenised finance.
Stock options: tax reform on the horizon
The reform of the taxation of stock options had been announced during , alongside the reform of carried interest. Although this reform was definitively adopted by the parliament in a public vote on 22 January 2026, with retroactive effect for income earned from 1 January 2026, the stock options had still not materialised.
Gilles Roth provided an update on this reform, which is “eagerly awaited by professionals in the sector”. Work on the new scheme is currently in its final stages and the draft bill will be presented to the Government Council “in the coming weeks”. “The aim is to launch the legislative process without delay, so that the new regime is in place as soon as possible.” This “essential reform must help to support the development of start-ups and scale-ups, enhance Luxembourg’s appeal to talent, and ensure that innovation remains connected to the financial centre and the national economy, by encouraging professionals to build their careers in the country,” said Gilles Roth.
“This reform is an integral part of the government’s efforts to maintain Luxembourg’s competitiveness and encourage private investment in technology and innovation.”
