German crypto securities.A register, not a paper certificate.
Germany’s Electronic Securities Act (Gesetz über elektronische Wertpapiere, eWpG) took effect in 2021. It lets securities exist without a paper certificate, as an entry in an electronic register. When that register runs on a blockchain or similar system, the security is a crypto security, or Kryptowertpapier.
Reviewed October 19, 2026 · figures from our live data
The short answer
Under the eWpG, an entry in an electronic register replaces the paper certificate. The entry itself is the security.
There are two kinds of register: a central register kept by a central securities depository or custodian bank, and a crypto securities register kept on a tamper-proof recording system such as a blockchain.
The registrar that keeps a crypto securities register needs a licence from BaFin, Germany’s financial supervisor.
The law started with bearer bonds and has since been widened to other securities, including fund units and certain shares.
tokenized bonds and notes in our data today
issuers
stated yield range across 35 with a rate
How it works
The eWpG is a civil-law statute. It changes how securities are created and transferred, not what they are.
- 1
Kryptowertpapier
A security entered in a crypto securities register. It has the same legal effect as a paper security, and the holder entered in the register is presumed to be the owner.
- 2
Crypto securities register
Kept on a decentralized, tamper-proof recording system. In practice this is a public or private blockchain such as Ethereum, Polygon, Stellar or a permissioned ledger.
- 3
Registrar
The registerführende Stelle keeps the register. Doing so is a regulated financial service in Germany, so the registrar needs BaFin authorization.
- 4
Central register
The alternative: a central register kept by a central securities depository or a custodian. Securities there settle through the normal custody chain.
- 5
Issuance terms
The issuer must deposit its terms with the registrar before entry, and the register must show the main features of the security and the holder.
- 6
BaFin publication
Crypto securities must be notified to BaFin, which publishes them. This lets you check that an issue exists as a German electronic security.
What to check as an investor
An eWpG security is a real security, but it is not automatically a liquid one. These points matter.
- 1
The issuer
The register tells you who owns the security, not whether the issuer can pay. Credit risk is the same as for any bond from that issuer.
- 2
The registrar
Check that the registrar has a BaFin licence. BaFin’s company database lists licensed firms.
- 3
Prospectus
A public offer usually needs a prospectus or, for small issues, a securities information sheet. Read it for terms, ranking and risks.
- 4
Holding
Some issues are held in your own wallet, others through a custodian. Your wallet may need to be whitelisted to receive the security.
- 5
Selling
Secondary markets are thin. Many crypto securities are held to maturity or sold through the issuing platform.
- 6
Who may buy
The issuer sets who the offer is for. Some issues are for professional investors only, others are open to retail in Germany or the EU.
The 12 highest stated yields
Yields as stated by the issuer or read on chain, with the date they were checked on each token page. Not a recommendation.
| Token | Issuer | Yield | Minimum |
|---|---|---|---|
| Lcl Opportunities 3 S.a R.l. 10.5% 2030 (digital bond) | Lcl Opportunities 3 S.a R.l. | 10.5% coupon | — |
| PKH Mining Note 2 | Not named by STOKR | 10% revenue share | US$ 115,000; token price US$ 1.00 |
| UTIISIB UAB Riverside real estate fund bond 2029 | UTIISIB UAB Riverside real estate fund | 9.5% coupon | — |
| LHM Holding UAB bond | LHM Holding UAB | 9% coupon | — |
| UAB Verslo parko projektai bond 2028 | UAB Verslo parko projektai | 9% coupon | — |
| NSP3, UAB bond 2028 | NSP3, UAB | 8% coupon | — |
| UAB NordSpace Projektai bond 2027 | UAB NordSpace Projektai | 8% coupon | — |
| Larsen & Toubro 7.40% tokenised NCDs 2029 (India's first private-sector tokenised bond) | Larsen & Toubro Limited | 7.40% | ₹1 lakh |
| REC 7.30% tokenized corporate bond (India's first, SEBI sandbox pilot) | REC Limited | 7.30% | — |
| UAB Gesons bond 2028 | UAB Gesons | 6.5–9.5% coupon | — |
| Securitize Tokenized AAA CLO Fund | Securitize Capital (BNY partnership per press title) | 30-Day Yield 4.65% as of 10/1/26 | $100,000 |
| WisdomTree Short-Duration Income Digital Fund | WisdomTree Prime | SEC 30 Day Yield 4.42%, Distribution Yield 4.65%, Yield to Maturity 5.01% (as of 06/30/2026) | — |
Questions
What is a Kryptowertpapier?+
A German security that exists as an entry in a crypto securities register kept on a blockchain or similar tamper-proof system, under the Electronic Securities Act (eWpG).
Is an eWpG crypto security regulated by MiCA?+
No. It is a security, so it falls under securities law: the Prospectus Regulation, MiFID II and German law. MiCA excludes financial instruments.
Who keeps the crypto securities register?+
A registrar authorized by BaFin. The issuer appoints it, and it is responsible for the integrity of the register.
Can I hold a German crypto security in my own wallet?+
Sometimes. It depends on the issue. Some are delivered to investor wallets, others are held by a custodian on your behalf.
- German crypto securities on TokenBank →
- Tokenized bonds and notes →
- Sovereign digital bonds →
- MiCA explained →
- Permissioned vs permissionless tokens →
This guide explains how these products work and is not investment advice or an offer of any security. Who may buy a product is set by its issuer; check the offering documents before investing.