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Electronic stock

The German Financing for the Future Act (Zukunftsfinanzierungsgesetz, ZuFinG) enables the DLT-based issuance of electronic stocks.

Characteristics of an electronic stock

electronic stock: characteristics Figure 1: Characteristics of an electronic stock

An electronic stock can be issued either as a bearer stock (central register stock) or as a registered stock (central register or crypto stock).

Central register stock vs. crypto stock

While a central register stock is issued by registration in a central register and can be traded on a regulated stock exchange, a crypto stock can only be issued as a registered stock by registration in a crypto securities register.

The issuer may mandate the crypto securities registrar to maintain a stock register.

The trading of crypto stocks on a regulated market or exchange is currently not envisaged. This limits the scope of application for these electronic stocks for the time being; their issuance is essentially restricted to private equity, and on-exchange trading is not provided for.


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Julian Schmeing / author BankingHub

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Partner Office Munich
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George Stylianou

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