It took 15 years for Mustafa Camlica to earn international recognition for his wines, but he and many other small and medium sized Turkish producers fear a planned new financial burden could destroy livelihoods in a sector already facing daunting hurdles. Under the rule of President Tayyip Erdogan's Islamist-rooted AK Party for 21 years, alcoholic drinks makers in Turkey have faced an increasingly onerous tax burden and other restrictions, leaving the multi-billion dollar market stagnant. Now small winemakers and breweries fear a planned financial collateral requirement will make it even harder for them to survive in the tough local market, and frustrating efforts to develop their unfulfilled export potential.
On 1st November 2023, the new Luxembourg law of 7 August 2023 on the continuation of businesses and modernisation of insolvency law (the "Law") enters into force. This.
On 9 March 2023, the Luxembourg Parliament adopted the Blockchain III Law. The Blockchain III Law – which was published on 17 March 2023 – amends, amongst others, the Financial Sector.