Electronic Securities
in Focus

The Federal Association for Electronic Securities (Bundesverband für elektronische Wertpapiere e.V.) was founded in April 2023.

The purpose of the association is to increase awareness and acceptance of electronic securities under the Electronic Securities Act (Gesetz über elektronische Wertpapiere – eWpG) — in particular crypto securities — and to promote the interests of individuals and companies involved in the issuance of electronic securities, in order to modernize securities law and strengthen Germany’s financial marketplace. The keeping of crypto securities registers is a financial service requiring a license pursuant to Section 1(1a) No. 8 of the Banking Act (Kreditwesengesetz – KWG) in conjunction with Section 32(1) KWG. The authority responsible for granting the license is the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin).

We are particularly committed to improving the key regulatory framework for electronic securities and actively advocate for the interests of individuals and companies involved in their issuance. In doing so, we engage in dialogue with policymakers, legislative bodies, regulatory authorities, capital markets institutions, industry associations, and the public. We also promote regular professional exchange among our members, keep them informed about ongoing consultation procedures, and coordinate any joint position papers.

From Our Work

In September 2023, we adopted the first technical standard for tokenized crypto securities under the eWpG — aimed at establishing interoperability across registers and enabling the tradability of tokenized securities. Since then, we have confirmed two eWpG-compliant implementations of our standard and are working in cross-border collaboration with international standard setters toward European harmonization. Furthermore, as part of various consultation procedures, we have submitted position papers on current legislative and regulatory proposals.