In this episode of The Final Block, Georges speaks with Nadia Manzari, former Head of Financial Innovation, Corporate Governance and Payment Services at the CSSF and founder of Manzari Legal.

The conversation focuses on how MICA, MiFID, and Luxembourg’s Blockchain Laws apply to tokenisation in the fund business. Nadia explains the regulatory boundary between crypto assets and tokenised financial instruments, why MiFID continues to apply regardless of the technology used, and how Luxembourg’s four Blockchain Laws were designed to give legal certainty to DLT-based financial services.

The episode also explores Blockchain IV Law, including the introduction of the control agent, who can take on this role, and how issuance and settlement models change when using distributed ledger technology.

A precise, experience-based discussion for professionals navigating fund tokenisation and digital asset regulation in Europe.

In this episode, former CSSF Head of Innovation Nadia Manzari breaks down the regulatory foundations shaping Europe’s tokenised fund ecosystem — with clarity and precision.

We unpack:

• The real distinction between MICA and MiFID

• What qualifies as a crypto asset under MICA

• Why Luxembourg introduced four Blockchain Laws

• The implications of Blockchain Law 4

• How the Control Agent works and who can become one

• Technology neutrality and how it applies to DLT-native financial services

• The grey zones around wallets, payments and settlement using stablecoins

If you work in fund operations, tokenisation, compliance, regulation, custody, blockchain infrastructure, or digital assets, this conversation gives you the clarity needed to navigate Europe’s evolving framework.

Full episode releases Thursday, December 18, 2025.

In this episode, Georges Bock sits down with blockchain expert Dr. Eric Falk to unpack the real mechanics behind tokenised funds: wallets, custody, smart contracts, minting/burning, freezing, recovery, interoperability and settlement logic.

Eric explains why blockchain is not just a new database but a shared record for the entire fund value chain, and why the industry is finally moving toward T+0.

A clear, practical guide for anyone building or operating tokenised fund infrastructure.

This trailer gives you a first look at Episode 3 of The Final Block, where we strip blockchain down to its essentials — the cryptographic links, the shared ledger, the custody models and the smart-contract logic that makes tokenised funds work.
If you want a simple, no-jargon breakdown of the real infrastructure behind tokenisation, this episode is for you.

Luxembourg now has one of the most advanced DLT frameworks in the world — and it changes everything for tokenised funds.

In this episode, Georges Bock speaks with Raoul Heinen (Partner, Linklaters Luxembourg) to unpack Blockchain Laws I–IV, the Control Agent model, and what “native” fund tokens really mean from a legal and operational perspective.

They explore how tokenisation removes legacy bottlenecks, simplifies the holding chain, enables direct investor accounts, and opens the door to real secondary markets for AIFs.

Themes covered:
• How Luxembourg built Blockchain Laws I–IV
• Full legal equivalence of DLT-held securities
• The Control Agent and why it unlocks real adoption
• Ending mirrored registers and chains of custodians
• Native vs non-native fund tokens
• Gradual vs full migration for asset managers
• Secondary markets for AIFs and DLT-based liquidity
• The missing euro-settlement rails
• Why US progress (Genius Act) should accelerate Europe

Subscribe for more episodes on the future of tokenised funds, regulation and digital finance.

Tokenisation has moved from theory to adoption — fast.
In this opening episode of The Final Block, Georges Bock sits down with Sébastien Schmitt (PwC Luxembourg) to break down why global interest in tokenisation has exploded and what this means for the fund industry.

They explore the acceleration across money market funds, ETFs, digital settlement rails and retailisation — and why a new generation of investors coming from 24/7 crypto will reshape expectations for traditional funds.

Themes covered:

• Why tokenisation is surging globally
• NASDAQ, Franklin Templeton and the move toward tokenised assets
• MMFs as the first major use case
• Fractionality, instant settlement and intraday collateral
• Retailisation of private markets
• Why ETFs are only the intermediate step
• The new investor experience vs T+3
• How tokenisation rewires the fund value chain and distribution
• What asset managers should do today

Listen and subscribe for weekly conversations on the future of tokenised funds.

Welcome to The Final Block — the podcast where Luxembourg’s fund industry meets the future.In this short introduction, Georges Bock shares why we created The Final Block, what the industry needs to understand about tokenised funds right now, and why Europe can’t afford to fall behind.You’ll learn:• Why tokenisation has moved from theory to reality• What’s pushing asset managers, regulators, and investors to adopt DLT• How Luxembourg’s framework positions it to lead the next wave of fund innovation• What to expect from the upcoming episodes — from technology and regulation to operations and real-world use casesIf you want to stay ahead of the shift toward digital fund structures, this series is for you.

In this trailer, Sébastien Schmitt breaks down why tokenisation is accelerating globally, why major institutions can’t afford to sit on the sidelines, and how new infrastructure is making digital assets the default, not the exception.Full episode launching on November 20th.

In this exclusive conversation, Raoul Heinen breaks down how Luxembourg’s new blockchain framework (the “Blockchain IV” law) lets securities exist natively on distributed ledgers — without the need for traditional transfer agents. Full episode launching on November 20th.

Heard the word tokenisation one too many times lately? We get it.
That’s why we made The Final Block — the podcast that finally makes sense of fund tokenisation.

Real conversations with the people actually building the tokenised fund industry.
No jargon. No hype. Just what matters: regulation, operations, and the future of digital funds in Luxembourg.

Hosted by Investre, the regulated infrastructure powering the next generation of funds.