European Union/DE/Comparables
Germany
BaFin / Bundesbank (as relevant) · NCA under MiCA
Germany already tokenised the security. The Electronic Securities Act lets an issuer enter a crypto security in a BaFin-supervised crypto securities register — no paper certificate, registrar licensed, prospectus law still applies. That instrument would fail Rule 100 filter (2): it is itself a security. MiCA then covers the rest of the book. eWpG is the registered-offering analogue, not the exemption analogue.
eWpG
10 Jun 2021
StoFöG
10 Feb 2026
§ 20 notification repealed
MiCA
Overlay
Similar regulation
The statute book
Primary instruments, with the RCA job each one actually does. Links open the official text.
- In force
Tokenised securities — outside CIC by Rule 100 filter (2)
- In force
The NOR/Article 109 publicity function, for registered electronic securities
- In force
The other German crypto book, once the token is not an eWpG security
Translation
Rule 100–500 map
| RCA | Peer | Fit | Desk |
|---|---|---|---|
| Rule 100 crypto asset | Kryptowertpapier under eWpG is a security | Inverse | If it is on the BaFin list, it is not a RCA crypto asset. |
| Rule 100 CIC | No Howey wrapping; civil-law electronic security + prospectus | No analogue | Germany put the security on a register. RCA wraps an investment contract around a non-security token. |
| Rule 103 disclosure | Prospectus Regulation + MiCA Title II if not a security | Partial | Two disclosure books, neither a 103 website. |
| Rule 200 $5M | None for crypto securities; MiCA has no $5M fuse | No analogue | Issuing an eWpG crypto security is licence-free for the issuer; the registrar is licensed. |
| Rule 300 fundraising | Prospectus / listing, or MiCA public offer | Partial | Market-infrastructure path for the security; MiCA path for the other token. |
| Rule 400 safe harbor | None | No analogue | A crypto security does not cease by filing a form. |
| Rule 500 preemption | Union passport via MiCA; eWpG is federal German | Partial | One Member State inside a Union. The US needs NSMIA because it has states. |
Analysis
What the file is
The eWpG, in force 10 June 2021, created electronic securities including crypto securities entered in a crypto securities register. The issuer does not need a BaFin licence to issue; the registrar does. Prospectus, company law and (for funds) KryptoFAV still apply. The February 2026 Location Promotion Act (StoFöG) repealed the old § 20 notification-to-BaFin-and-Bundesanzeiger step. BaFin still publishes a public list. That list is a register fact, not a merit stamp.
Research
The record
- MiCA is the live book for CASPs and for crypto-assets that are not financial instruments. BaFin is the German NCA. Do not cite a BaFin CASP authorisation as eWpG issuance.
- A draft 2026 tax bill would end the one-year Spekulationsfrist for newly acquired crypto from 1 January 2027. Tax is not an offering exemption. Do not file it as one.
- KryptoFAV, not eWpG itself, is the fund-unit tokenisation path. Fund units were deliberately left outside eWpG even after StoFöG.
Ideation
What to file
- If German counsel has already characterised the token as a Kryptowertpapier, do not file a NOR. You would be conceding a CIC over a security.
- Use eWpG as the exhibit for ‘the Commission should also do a registered crypto-security form.’ Route that comment; do not hide it inside Rule 300.
Analysis
What the file is
The eWpG, in force 10 June 2021, created electronic securities including crypto securities entered in a crypto securities register. The issuer does not need a BaFin licence to issue; the registrar does. Prospectus, company law and (for funds) KryptoFAV still apply. The February 2026 Location Promotion Act (StoFöG) repealed the old § 20 notification-to-BaFin-and-Bundesanzeiger step. BaFin still publishes a public list. That list is a register fact, not a merit stamp.
Primary sources on file
Gesetz über elektronische Wertpapiere (eWpG)
Federal Republic of Germany/10 Jun 2021/RCA review 10 Sept 2026
Primary regulatory
BaFin — Liste der Kryptowertpapiere
Bundesanstalt für Finanzdienstleistungsaufsicht/2 Feb 2026/RCA review 10 Sept 2026
Primary regulatory
Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA)
Official Journal of the European Union/9 Jun 2023/RCA review 28 Aug 2026
Primary regulatory
RCA publishes source-linked intelligence for professionals. Nothing here is a token-buying call, a legal opinion, or an “approved / safe / regulated” badge. Every material claim is dated. Incomplete files stay incomplete.