DE / eWpG (Electronic Securities Act)

Germany's eWpG gives electronic securities, including crypto-securities recorded on a DLT register, the same legal standing as paper certificates. Operating a crypto-securities register and providing crypto custody are BaFin-regulated activities. The regime is enabling and one of the clearer EU paths to native on-chain securities, though it overlaps with MiCA/MiFID classification.

Key regulations

  • eWpG (Gesetz über elektronische Wertpapiere, 2021)
  • BaFin licensing for crypto-securities registrars & custody

Entities

  • issuers
  • custodians
  • registrars
  • trading venues

Activities

  • on-chain issuance
  • registry operations
  • custody
  • secondary trading

Developer orientation. Not legal advice.

What to Watch

  • Overlap between eWpG, MiCA, and MiFID classification (and prospectus triggers).
  • Registrar liability for register accuracy and availability.
  • Insolvency segregation / bankruptcy-remoteness of custodied assets.

See also