Regulation · Regime · Germany · Primary legislation
Electronic Securities Act (eWpG), GermanyUpdated 14 Oct 2026
German statute that lets securities exist without a paper certificate. They can be recorded either in a central register kept by a securities depository or in a crypto securities register run on a distributed ledger by a licensed registrar, with rules on register entries, transfers and switching registers. Bonds were covered first, and later amendments added shares.
In force · effective 10 Jun 2021
Key points
- Bearer bonds, registered shares and (only in a central register) bearer shares can be issued as electronic securities by entering them in an electronic securities register instead of issuing a paper certificate; they then have the same legal effect as a certificated security.[1]
- There are two kinds of register: central registers kept by a central securities depository or custodian, and crypto securities registers, which must run on a tamper-proof recording system that logs data in time order.[1]
- The issuer names the operator of a crypto securities register (or keeps it itself) and may switch operator without holders' consent unless the terms say otherwise; a crypto securities registrar may also keep a company's share register.[1]
- Running a crypto securities register is a licensed financial service supervised by BaFin; SWIAT reported receiving such a licence in November 2025.[2]
What it covers
Debt securityEquityListed equitiesPrimary issuance
Timeline
- 3 Jun 2021 · FinalAct signed as Article 1 of the law introducing electronic securities.[1]
- 10 Jun 2021 · In forceAct enters into force.[1]
- 4 Feb 2026 · AmendedLatest amendment to the consolidated text (Article 26 of the law of 4 February 2026).[1]
Deployments operating under it
| Deployment | Status | Assets | Use cases | Last reviewed |
|---|---|---|---|---|
| Berlin Hyp blockchain Pfandbrief on SWIATNew SWIAT | Live (limited) | Reviewed 14d ago | ||
| KfW blockchain bonds (crypto securities under the eWpG)Updated 15 Oct 2026 Cashlink | Live (limited) | Reviewed 24d ago | ||
| NRW.BANK blockchain bond on Polygon (crypto security under the eWpG)New Cashlink | Live (limited) | Reviewed 14d ago | ||
| Sachsen-Anhalt state crypto bond on SWIATNew SWIAT | Live (limited) | Reviewed 14d ago | ||
| Siemens digital bond on PolygonUpdated 14 Oct 2026 Hauck Aufhäuser Lampe | Inactive | Reviewed 22d ago | ||
| Siemens digital bond on SWIATUpdated 14 Oct 2026 SWIAT | Inactive | Reviewed 22d ago |
Likely relevant to
| Deployment | Status | Assets | Use cases | Last reviewed |
|---|---|---|---|---|
| Clearstream D7 digital securities issuanceUpdated 28 Oct 2026 Clearstream | Live (scaled) | Reviewed 14d ago | ||
| Eurosystem exploratory work on wholesale DLT settlement in central bank moneyUpdated 28 Oct 2026 European Central Bank | Inactive | Reviewed 24d ago | ||
| Natixis Pfandbriefbank digital registered covered bond on SWIATNew SWIAT | Live (limited) | Reviewed 22d ago | ||
| Vonovia digital registered bond on StellarNew firstwire | Inactive | Reviewed 17d ago |
Sources
- [1]Gesetz über elektronische Wertpapiere (eWpG) — Federal Ministry of Justice (gesetze-im-internet.de). Accessed 14 Oct 2026. In German; our summary is translated. Consolidated text read at /ewpg/BJNR142310021.html (in force 10 Jun 2021; last amended 4 Feb 2026)..A
- [2]SWIAT erhält BaFin-Erlaubnis zur Führung von Wertpapierregistern nach eWpG — IT Finanzmagazin, 20 Nov 2025. Accessed 14 Oct 2026. In German; our summary is translated.C