The digitisation of capital markets has been an agenda item for regulators and legislators for some time, but recent developments in the EU suggest that the European Commission and certain jurisdictions are now prepared to tackle these regulatory issues. 

This presentation highlights a key draft law in Germany – the introduction of a German law on electronic securities (Gesetz über elektronische Wertpapiere – "eWpG") providing for the opening of German law to electronic securities. With the paperless electronic form of issuance, the currently mandatory embodiment of securities by certificate will be abandoned. The opening of German law to electronic shares is set to take place eventually at some later stage due to related corporate law implications that would have to be considered in this case. 

This presentation also touches upon changes in the EU digital finance strategy and the changes that can be seen on the horizon. This includes amendments to MiFID II to make way for the proposed Markets in Cryptoassets (MiCA) regulatory framework to govern cryptoassets across the EU and the way in which cryptoassets might be categorised.