Digital securities (eWpG)
Digital securities are securities without a paper certificate; Germany's eWpG has allowed their register to be kept on a blockchain since 2021.
Explained simply
Until 2021 every security in Germany required a paper certificate, usually a global certificate in the vault of the central securities depository. The Electronic Securities Act (eWpG) abolished that requirement.
Since then there are two variants: the central register security (register at a central depository or custodian bank) and the crypto security (register on a blockchain, kept by a registrar registered with BaFin).
For the investor nothing changes legally: interest, repayment and investor protection remain the same.
From the familiar world
The move from the paper passbook to the online account: the same deposit, the same rights, just without the booklet. The eWpG allows this step for bonds and fund units.
An example
Several German issuers, including development banks and industrial companies, have issued bonds as crypto securities. Issuance took minutes instead of days, and there was never a paper certificate.
Why it matters
The eWpG is why tokenisation is legally sound in Germany. Being able to tell a client that the legislator has already created the framework removes the wild-west feel from the topic.
To pass on
„Since 2021 bonds in Germany may exist entirely without paper on a blockchain. The law behind them stays the same.“
The content of this wiki is for general information and educational purposes only. It does not constitute investment advice, an investment recommendation or tax or legal advice. Digital assets are subject to strong price fluctuations and can lead to losses up to a total loss. Content as of 2026, no guarantee of completeness or timeliness.
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