The Final Block by Investre

Patrick Hennes on MiCA, Tokenisation & Rebuilding the Banking Value Chain


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On 30 December 2024, MiCA entered into force — and tokenisation moved from experimentation to boardroom priority.

In this episode of The Final Block, Georges Bock speaks with Patrick Hennes, Head of Digital Asset Servicing at DZ PRIVATBANK and one of Luxembourg’s early blockchain pioneers.

Patrick explains why the industry has reached a structural inflection point.

For nearly a decade, blockchain in finance was dominated by proof-of-concepts and vision papers. Today, traditional banks are building roadmaps. Committees are redesigning infrastructure. And digital assets are no longer innovation theatre — they are becoming core infrastructure.

This conversation explores:

  • Why MiCA marked a regulatory turning point

  • The difference between tokenisation and true DLT transformation

  • How legacy systems (Excel, SWIFT, manual reconciliation) shape today’s asset servicing model

  • Why smart contracts can automate parts of the value chain

  • The reality behind “programmable money” and stablecoins

  • Why trust still matters in digital finance

  • How banks are preparing for the next generation of financial infrastructure

Patrick shares insights from nearly ten years in the space, including his role in Luxembourg’s first blockchain initiative, FundChain, and his work within ALFI’s Digital Asset Committee.

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The Final Block by InvestreBy The Final Block by Investre