Germany's Electronic Securities Act has created an institutional tokenization ecosystem with 8 licensed crypto securities registrars, custody providers, and DLT trading platforms. The infrastructure spans issuance (Bitbond's Token Tool), settlement (21X on Stellar), and registry management (Cashlink, DekaBank). On Stellar specifically, 21X launched its DLT settlement system in May 2026, and Bitbond supports security token issuance on Stellar alongside 10 other chains.
Germany's Electronic Securities Act (eWpG), in force since June 2021, has created the EU's most advanced institutional tokenization infrastructure. On 29 September 2026, BaFin's database listed 8 licensed crypto securities registrars—Cashlink Technologies, DekaBank, 21X, Tradevest Digital Assets, E-SEC, Gesellschaft für Kryptoregisterführung, SWIAT, and Hauck Aufhäuser Digital Custody—plus additional custodians and trading venues regulated under the DLT Pilot Regime. This guide maps five categories of infrastructure: issuance platforms (Bitbond, NYALA, beel), registrars, custody providers, trading venues, and active banks. On Stellar, 21X operates a DLT settlement system live since May 2026, and Bitbond's Token Tool supports security token creation. The ecosystem reflects how institutional digital assets require both technical infrastructure and regulatory permission.
