ルクセンブルクの暗号資産規制：EU規制の抜本的改革にもかかわらず、仮想資産プロバイダーへの「高リスク」分類を維持
ルクセンブルク — 欧州の金融ハブが活況な暗号資産市場を取り込もうと競争する中、ルクセンブルクの規制当局は、この分野の「影の部分」に対し依然として深く警戒している姿勢を示しています。火曜日に発表されたルクセンブルク大公国の2025年版国家リスク評価は、欧州連合（EU）が画期的な「暗号資産市場（MiCA）規制」を導入しているにもかかわらず、仮想資産サービスプロバイダー（VASP）をマネーロンダリング活動における「高リスク」事業体として分類することを維持しました。
2020年から2023年までの観測を対象としたこの評価は、業界が主流への受け入れを推し進める動きに対して、厳しい対比を提示しています。これによると、洗練された規制枠組みと技術的進歩にもかかわらず、ルクセンブルク当局は暗号資産関連ビジネスを、不正な資金の脆弱な経路であると見なし続けていることが明らかになりました。
「ブロックチェーン技術に内在する特性――匿名性、取引の不可逆性、そしてグローバルな到達範囲――は、最も包括的な規制体制をもってしても完全に排除できない持続的な脆弱性を生み出しています」と、評価の機密性から匿名を条件に、ルクセンブルク金融部門監督委員会（CSSF）の幹部は述べました。
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分類を促す持続的なリスク要因
ルクセンブルクの分類は、暗号資産業界の事業に内在する複数の構造的要因に起因しています。評価に組み込まれた数字によると、ルクセンブルクを拠点とするVASPは、2021年だけで約1,068億ユーロ相当、3,000万件以上の取引を処理しており、その取引量は依然として驚くべき規模です。その後、取引量は落ち着いたものの、その規模は依然として、実質的な監視上の課題を提示するに十分なほど重要です。
この評価は、特に5つの主要なリスク要因を特定しています。それは、取引量、広範囲にわたる顧客層、複雑な流通経路、精緻な法的構造、そして多様な規制基準を持つ複数の法域にまたがる国境を越えた事業です。
「特に懸念されるのは、これらの要因の組み合わせです」と、評価に詳しいリスク分析専門家は説明しました。「国際的な到達範囲や取引量だけが個別に問題なのではなく、これらの要素がどのように相互作用して、洗練された金融犯罪者が悪用できる可能性のある盲点を生み出しているか、ということです。」
この分類は、暗号資産サービスプロバイダーを、従来の銀行、投資会社、決済機関を含む他の高リスクの金融セクター事業体と同列に置いています。しかし、評価では、強固な緩和策により、これらのサブセクターの「残余リスク」レベルを「中」に効果的に引き下げたことが指摘されています。
表：ルクセンブルクの暗号資産業界における2025年の主な進展
| カテゴリ | 主な進展 |
| :------------------------- | 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Title: Luxembourg’s Regulatory Balancing Act: High-Risk Tag for Crypto Amidst EU Harmonization**
LUXEMBOURG – Despite Europe’s financial hubs vying to capture the rapidly expanding crypto market, Luxembourg’s regulatory watchdogs are signaling deep-seated caution towards the sector’s less transparent corners. The Grand Duchy’s 2025 National Risk Assessment, released Tuesday, maintained its classification of Virtual Asset Service Providers (VASPs) as “high-risk” entities for money laundering activities, even as the European Union implements its landmark Markets in Crypto-Assets (MiCA) framework.
The assessment, covering observations from 2020 through 2023, serves as a sobering counterpoint to the industry’s push for mainstream acceptance. It reveals that despite sophisticated regulatory frameworks and technological advancements, Luxembourg authorities continue to view crypto businesses as vulnerable conduits for illicit finance.
“The inherent characteristics of blockchain technology—pseudonymity, irreversibility of transactions, and global reach—create persistent vulnerabilities that even the most comprehensive regulatory regime cannot fully eliminate,” said a senior official at Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF), speaking on condition of anonymity due to the sensitivity of the assessment.
Persistent Risk Factors Driving the Classification
Luxembourg’s classification stems from multiple structural factors intrinsic to the crypto industry’s operations. The sheer volume of transactions remains staggering—with Luxembourg-based VASPs processing over 30 million exchanges worth approximately €106.8 billion in 2021 alone, according to figures embedded in the assessment. While volumes have moderated since then, the scale remains significant enough to present substantial monitoring challenges.
The assessment specifically identifies five key drivers of risk: transaction volume, expansive client reach, complex distribution channels, elaborate legal structures, and cross-border operations that span multiple jurisdictions with varying regulatory standards.
“What’s particularly concerning is the combination of these factors,” explained a risk analysis expert familiar with the assessment. “It’s not just the international reach or the transaction volumes in isolation—it’s how these elements interact to create potential blind spots that sophisticated financial criminals can exploit.”
The classification places crypto service providers alongside other high-risk financial sector entities, including traditional banks, investment firms, and payment institutions. However, the assessment notes that robust mitigation measures have effectively reduced the “residual risk” level of these subsectors to “medium.”
Table: Key Developments in Luxembourg's Crypto Industry in 2025
| Category | Key Developments |
|---|---|
| Regulatory Reform | - Law of 6 February 2025 aligns with EU's MiCA regulation - CSSF designated as supervisory authority for CASPs, ARTs, and EMTs - Full applicability from Dec 30, 2024 |
| Financial Law Updates | - Modernization of Financial Sector Law to include crypto services - Extended traceability to crypto-assets under updated payment services regulation |
| Market Perception | - 50% of stakeholders see global crypto adoption progressing - 39% see Luxembourg's development as EU average; 25% align it with top financial hubs |
| Institutional Adoption | - 24% consider crypto strategic in 2025 (up from 16% in 2023) - 38% expect crypto to gain strategic importance soon |
| Transaction Volumes | - Decline from €106.8B (30.2M transactions) in 2021 to €22.6B (19.7M transactions) in 2023 |
| User Demographics | - 99% of users are retail (natural persons) - Minimal politically exposed persons involved |
| AML Risks | - VASPs classified as "high risk" in National Risk Assessment - Risks linked to volume, cross-border activity, and increased fraud cases |
| Transitional Measures | - Grandfathering for pre-2024 VASPs until July 1, 2026 or MiCA approval |
| Strategic Goals | - Positioning as an EU digital asset hub - Blockchain IV law to enhance DLT integration |
MiCA Implementation: Regulatory Transformation Underway
The risk classification comes at a pivotal moment in European crypto regulation. Since December 30, 2024, the EU’s Markets in Crypto-Assets (MiCA) framework has become fully applicable across member states, replacing the patchwork of national VASP regimes with a harmonized approach.
Luxembourg formalized this transition through its Law of February 6, 2025, which designated the CSSF as the competent supervisory authority and established the necessary legal infrastructure to implement MiCA provisions. The legislation created a transitional regime allowing existing VASPs registered in Luxembourg before the cutoff date to operate as Crypto-Asset Service Providers (CASPs) until July 1, 2026, or until they receive full authorization under the new framework.
The regulatory overhaul includes enhanced Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) requirements specifically adapted for crypto-assets and self-hosted wallets. Notably, CASPs are now designated as obliged entities under AML/CFT regulations, subjecting them to comprehensive compliance obligations.
Despite these advances, both Luxembourg authorities and EU-level supervisors maintain significant reservations about the sector. The European Securities and Markets Authority (ESMA) considers all CASPs to be high-risk entities due to their inherent exposure to financial crime risks.
「ESMAの立場は、規制当局の考え方全体に浸透している根本的な懐疑論を反映しています」と、ルクセンブルクを拠点とするデジタル資産会社のコンプライアンス担当者は述べました。「彼らは、導入される管理体制に関わらず、技術自体が内在的なリスクを伴うと考えています。」
適格性・健全性審査：指導体制が厳しく問われる
新しい規制体制において特に重要な側面は、暗号資産