Germany’s Financial Authorities Introduce A Draft Bill On Blockchain Based Securities

2020-8-15 20:27

Germany’s financial authorities aim at introducing electronic securities to modernize its regulatory and supervisory capabilities with blockchain technology playing a pivotal role, the draft bill states.

The German finance ministry, Federal Ministry of Finance (BMF), and the Federal Ministry of Justice and Consumer Protection (BMJV) have introduced a bill on August 11 on digitizing securities on blockchains. According to the official statement, the authorities aim to introduce a new law on electronic securities (eWpG).

Currently, financial instruments in Germany, classified as securities under civil law, must be securitized in a paper form document. The paper document allows buyers and sellers a point of contact to transfer the securities legally. The BMF and BMJV draft bill aims at replacing this paper form contract into an electronic system in a bid to improve the marketability of legal securities. The statement reads:

“To ensure the marketability of securities and legal compliance, however, it requires a suitable replacement of the paper document, for example, by an entry in a register-based on the blockchain technology.”

According to the draft bill, the introduction of blockchain technology will improve the overall liquidity of securities markets while providing regulatory clarity. The Federal Financial Supervisory Authority will be the leading monitoring and maintenance agency of these blockchain-based electronic stocks.

The draft bill further differentiates between central electronic securities register by a central securities depository and registers kept for issuing electronic bonds on distributed ledger technologies (DLTs) and other electronic bases.

With the introduction of blockchain-based e-stocks, Germany aims to strengthen its market for stocks while improving the overall securities industry. Introducing blockchains will also increase transparency, market integrity, and investor protection, the bill states.

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