Basics: eWpG and registers
What electronic and crypto securities are, how registers work and which securities can be issued digitally.
Electronic shares and crypto shares: what applies since 2023?
Since the Future Financing Act (Dec. 2023), shares can be electronic. Crypto shares: registered shares only, and only if the articles allow it.
What is the eWpG? Electronic securities explained
The eWpG has applied since 10 June 2021: securities are created by register entry instead of a certificate. Crypto securities, registers, legal nature.
Crypto securities register: who may keep it and what applies?
The registrar is whoever the issuer designates (Section 16 eWpG). A KWG licence is generally required, with at least EUR 150,000 initial capital.
Issuance and costs
Process, timeline and costs of a digital issuance and choosing the right security.
Issuing a Digital Bond: The Process in 7 Steps
A digital bond under the eWpG is created by entry in an electronic securities register. Process, parties, documents, timing (around 6 weeks).
What Does Tokenisation Cost? Cost Blocks at a Glance
Costs of a digital issuance: structuring, legal, BaFin fee (WIB EUR 5,923, single-document prospectus EUR 16,915), register, custody, distribution.
Tokenised Genussschein: Security or Investment Product?
Negotiable Genussscheine are securities and eWpG-eligible as bearer bonds. Unsecuritised profit participation rights are investment products.
Regulation
Prospectus requirements, securities information sheet, MiCAR and the role of regulated partners.
MiCAR or eWpG: which regime applies to your token?
If a token is a financial instrument, MiCAR does not apply (Art. 2(4) MiCAR). Securities or investment law applies instead of a MiCAR white paper.
Prospectus Duty and WIB 2026: The EUR 12m Threshold
Since 5 June 2026, securities offers below EUR 12m over 12 months need no prospectus. In Germany a WIB under section 4 WpPG is then generally mandatory.
Tokenised Securities vs. Crowdinvesting and Subordinated Loans
Comparison: tokenised securities (WpPG, eWpG), subordinated loans (VermAnlG, s. 2a up to EUR 6m) and ECSP Regulation crowdfunding (up to EUR 5m).
Tied agent under § 3(2) WpIG explained
A tied agent brokers financial instruments without its own licence, on behalf of and under the liability of an investment firm (§ 3(2) WpIG).
KAGB structures
Tokenised units in KAGB structures such as special AIFs: routes, roles and working with a capital management company (KVG).
In practice
Use cases and platform questions from the perspective of issuers and asset managers.
Financing renewables: digital bonds and citizen participation
Solar, wind and storage projects can raise money from citizens, municipalities and family offices via a digital bond (eWpG) instead of subordinated loans.
White-label investment platform: what asset managers need
Building blocks, licences and timeline of a white-label investment platform: KYC under the GwG, subscription, payment, register, dashboard, make-or-buy.
Glossary
Key terms around tokenised securities defined briefly, with links to the detailed articles. Open glossary