ドイツの電子証券法（eWpG）解説

ドイツのデジタル証券へのシフト

Digitization has reshaped nearly every layer of modern finance, from payments and trading to settlement and custody. Germany has responded to this shift by modernizing its securities law to accommodate electronic and tokenized assets within a regulated framework.

電子証券法（eWpG）

At the core of Germany’s reform is the Electronic Securities Act (eWpG), which enables securities to be issued without a physical certificate. Under this framework, the traditional paper-based security is replaced by an entry in a legally recognized securities register.

This change removes one of the biggest structural barriers to tokenization: the legal requirement for paper certificates in instruments such as bearer bonds. By eliminating that requirement, Germany opened the door to fully digital issuance and lifecycle management.

デジタル証券登記簿の解説

Under the eWpG, securities are constituted through registration rather than physical documentation. These registers can be maintained in different technical forms, provided they meet regulatory standards.

Crucially, the law allows registers to be operated either through centralized systems or through distributed ledger technology. This technology-neutral design ensures that both private infrastructures and public blockchains can be used, as long as legal and supervisory requirements are met.

パブリックブロックチェーンとプライベートブロックチェーンの発行比較

Germany’s framework does not restrict digital securities issuance to private or permissioned systems. The law explicitly allows the use of cryptography-based distributed ledgers, including public blockchains, for maintaining securities registers.

This creates a regulated pathway for issuing securities on widely used blockchain platforms, while still subjecting issuers and service providers to existing capital markets rules.

監督とライセンス

Oversight of electronic securities and registers falls under the national financial supervisor. Operating a digital securities register is classified as a regulated financial service, requiring authorization and ongoing compliance.

Issuers and infrastructure providers must meet existing requirements related to governance, capital adequacy, operational resilience, and investor protection. Tokenization does not exempt market participants from these obligations.

対象資産の範囲

The framework initially focused on bearer bonds, but it was designed with extensibility in mind. Over time, the same legal logic can be applied to additional instruments such as shares and investment fund units.

This staged approach allows regulators and market participants to gain experience with digital issuance while managing systemic risk.

ドイツの包括的ブロックチェーン戦略

The electronic securities framework is part of a broader national strategy to support blockchain adoption in regulated finance. This includes earlier decisions to recognize cryptocurrencies as financial instruments and to license crypto custody as a regulated activity.

Together, these measures position Germany as one of the most advanced jurisdictions in Europe for compliant digital asset activity.

欧州市場への影響

As the largest economy in the European Union, Germany’s regulatory choices carry outsized influence. By embedding tokenization into mainstream securities law, Germany has set a benchmark for how traditional capital markets can evolve without abandoning legal certainty.

This approach contrasts with experimental or sandbox-only regimes by offering a permanent, production-ready framework for digital securities.

結論

Germany’s electronic securities law represents a structural shift rather than a pilot program. By replacing paper certificates with regulated digital registers, the country has made tokenized securities a first-class citizen of its financial system.

発行者、投資家、インフラ提供者にとって、この枠組みは明確性、法的確実性、スケーラビリティを提供します—これらは欧州におけるデジタル証券の長期的採用に不可欠な要素です。