DE - German law on the introduction of electronic securities
On 10 June 2021, the Electronic Securities Act (Gesetz über elektronische Wertpapiere – eWpG) came into force.
With the introduction of the eWpG, Germany has further opened its securities laws for digital securities and bearer bonds and certain fund units may now be issued as electronic securities. When issuing such electronic securities, the eWpG foresees clearing and administration via electronic securities registers which are in the form of central registers as well as crypto registers. Whilst a central register may only be maintained by a regulated central securities depositary or a credit institution licensed as a depositary, crypto registers may be maintained by registrars having the respective license as a financial services provider. The eWpG comprises of a general part, which sets out provisions for entities operating either a central register or a crypto register, and a special part on requirements more specific to the operation of crypto registers.