Crypto Securities Registration
Registration for issuing crypto securities (Kryptowertpapiere) under Germany's Electronic Securities Act, enabling tokenized bonds and fund units on DLT infrastructure.
Electronic Securities Act (eWpG), German Securities Trading Act (WpHG)
Capital Required
Varies by issuer type
Timeline
3-6 months
Fees
€5,000-20,000 BaFin filing fees
Regulatory Body
Federal Financial Supervisory Authority (BaFin)
Legislative Framework
MiCA Regulation (EU) 2023/1114, German Banking Act (KWG), German Securities Trading Act (WpHG)
Last updated: August 2025
Key Requirements
Comply with Electronic Securities Act (eWpG) requirements for tokenized securities issuance on DLT infrastructure.
Establish German legal entity with demonstrated financial capacity and operational resources for securities issuance.
Implement regulatory compliance procedures addressing investor protection and securities law requirements.
Develop detailed prospectus or exemption documentation complying with German Securities Trading Act (WpHG) requirements.
Establish AML/CFT procedures with investor identification and beneficial owner verification per GwG.
Implement custody and settlement procedures for tokenized securities with independent custodian or blockchain settlement.
Maintain professional liability insurance covering securities issuance operations.
Application Process
Prepare detailed issuance plan describing tokenized securities, DLT infrastructure, and investor targeting.
Document issuer financial capacity with audited financial statements demonstrating operational capability.
Prepare prospectus or exemption documentation complying with German Securities Trading Act requirements.
Prepare compliance procedures addressing investor protection and eWpG tokenized securities requirements.
Submit crypto securities registration application to BaFin with prospectus and compliance documentation.
Engage with BaFin during assessment period (3-6 months) addressing prospectus questions and compliance clarifications.
Receive BaFin approval and register crypto securities for public or qualified investor offering.
Expected Total Timeline
3-6 months
Ongoing Obligations
After obtaining your Crypto Securities Registration, these are the continuing compliance requirements you must maintain.
Maintain prospectus and offering documentation current with material updates filed to BaFin within specified timeframe.
File ongoing reports with BaFin including issuer financial status, issuance activity, and material developments.
Maintain investor records with KYC information and beneficial owner documentation per GwG requirements.
Implement AML/CFT procedures with transaction monitoring and suspicious activity reporting.
Maintain custody and settlement procedures with regular verification of tokenized securities accountability.
Report material incidents affecting investor funds or securities issuance to BaFin within specified timeframe.
Conduct annual compliance review addressing investor protection and eWpG requirements with documented findings.
Cost Summary
Capital Requirement
Varies by issuer type
Application & Licensing Fees
€5,000-20,000 BaFin filing fees
Jurisdiction Setup Cost
$30,000-$80,000
Annual: $20,000-$50,000
Other Germany Licenses
Explore other license types available in Germany.
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