With authorization to register crypto securities and fund units, Hauck Aufhäuser Lampe offers a one-stop-shop for the complete servicing of the crypto securities value chain—from issuance to custody and register management to paying agent—all from a single source on a public blockchain.
The German Electronic Securities Act (eWpG) was enacted to accelerate the digital transformation of capital markets. The act enables the complete “dematerialization” of securities, referred to as “crypto securities,” which are settled on decentralized settlement layers, such as various public blockchains. At present, bearer bonds, units in special funds (investment funds) and registered shares can be issued on the blockchain.
Crypto securities are legally recognized as conventional securities, yet they differ from traditional securities (and their corresponding physical certificates) only in their digital form of issuance and transferability. These crypto securities are kept in a crypto securities register, a forgery-proof recording system based on blockchain technology. HAL is authorized by BaFin to offer crypto securities register management as a financial service for third parties.
REGULATED OVERALL PROCESS FROM A SINGLE SOURCE
As an integrated service provider in the field of digital securities, Hauck Aufhäuser Lampe offers much more than just register management: we enable end-to-end servicing of the entire digital asset value chain – from issuance to settlement – in accordance with banking regulations.
Our one-stop-shop services include:
We maintain the electronic securities register in accordance with the German Electronic Securities Act (eWpG) and document all ownership relationships digitally, transparently, and in a legally compliant manner on a public blockchain. Our register maintenance meets all regulatory requirements and maintains the necessary technical and organizational infrastructure.
We handle all payment-related events – from interest and dividend distributions to repayments at maturity. Our processes are linked to blockchain register management and enable reliable, frictionless payment flows.
As a depositary bank, we ensure compliance with legal requirements and protect the interests of investors. Our depositary function provides additional governance and control, particularly for tokenized fund shares.
As a securities custodian, we manage the holdings of our institutional clients and provide access to tokenized financial instruments. This enables investors to hold digital securities via existing banking infrastructure – simply, securely, and transparently.
Our wholly-owned subsidiary HADC (Hauck Aufhäuser Digital Custody GmbH) ensures the security of private keys and tokenized assets in accordance with Section 1 (1a) sentence 2 no. 6 of the KWG (German Banking Act) through both collective custody and, if necessary, individual registration. We provide you with audited and regulated custody solutions without the risks of a self-custody model.
All services from a single source. From payment and depositary functions to in-house crypto custody.
Streamlined intermediary structures and simplified settlement processes mean reduced costs for capital raising.
The elimination of intermediaries and the use of smart contracts enable straight-through processing, especially with tokenized commercial bank money.
Transparent and tamper-proof settlement thanks to modern and established blockchains.
Securities settlement can be accelerated from T+2 to T+0, significantly reducing the associated risks.
A streamlined intermediary structure enables efficient peer-to-peer settlement of OTC transactions directly between parties.
The German Electronic Securities Act (eWpG) and relevant regulations ensure a high level of legal certainty when dealing with electronic securities.
Digital transformation affects all areas of business and is part of the ongoing development of modern companies.
With the issuance of tokenized bearer bonds based on the German Electronic Securities Act (eWpG), we are creating a modern, paperless alternative to traditional securities. Settlement is handled entirely digitally on a public blockchain – legally compliant, efficient, and flexible in its structure. Whether traditional bonds or structured products:
We offer you the regulatory framework and technically sound infrastructure to facilitate rapid implementation, along with complementary services like the paying agent function.
We are one of the first banks in Germany to enable the issuance of tokenized fund shares. We maintain fund shares for you in digital form via our register, from a single source with our depositary function, which serves as a one-stop shop for tokenized investment funds. This approach simplifies the digital subscription of share certificates and the entire administration process, offering you a high degree of customization for fund structures and reporting—especially for special funds, open-ended real estate funds, or alternative investment funds (AIFs). For asset managers, this results in enhanced efficiency and new access to digitally savvy investors without compromising on governance or compliance standards.
Who is digital issuance with HAL suitable for?
Our infrastructure is aimed at professional market participants who want to issue and manage digital financial instruments while ensuring full regulatory compliance.
As a one-stop-shop offering register management along with integrated depositary and paying agent functions, we specifically address the following target groups:
Issuance of tokenized bearer bonds for financing or refinancing
Issuance of digital fund shares for newly launched funds or as a tranche of existing funds
Connection to bank-regulated register management and custody infrastructure
Subscription, custody and trading of tokenized securites via bank-regulated custody accounts or wallets
As a bridge between the traditional capital market and digital innovation, Hauck Aufhäuser Lampe offers a technically mature and regulatory-compliant infrastructure for executing digital securities issuances.
Our systems are specifically designed to meet the requirements of digital securities and are embedded within the existing IT and control landscape of a regulated banking infrastructure.
We rely on open, established, and future-proof blockchain protocols that are suitable for institutional capital market processes
We ensure that every issuance can be implemented in a technically efficient and legally sound manner – in an infrastructure that also reflects future regulatory developments.
Hauck Aufhäuser Lampe's one-stop-shop approach means that institutional issuers and investors receive all services related to the issuance, administration, and settlement of digital securities from a single source. In addition to register maintenance, we also offer depositary services, paying agent services, securities account management, and crypto custody. Our clients benefit from smooth processes, a high degree of automation, and centralized regulatory oversight without interface risks.
As a fully licensed financial services provider and established banking house, HAL takes charge of essential regulatory tasks in connection with the issuance and administration of electronic securities. These include, in particular, maintaining the crypto securities register in accordance with the German Electronic Securities Act (eWpG), custody of crypto securities in collective custody in line with the German Banking Act (KWG), settlement of payment-related events via our paying agent function, statutory reporting, and technical and regulatory connectivity to the relevant systems. In this way, we ensure that our clients can fully comply with regulatory requirements without the need to develop their own infrastructure or acquire in-depth specialist knowledge.
We guarantee a change of registrar in accordance with the German Electronic Securities Act (eWpG). The new registrar must have a valid license pursuant to Section 1 (1a) sentence 2 no. 8 of the German Banking Act (KWG) and be able to guarantee the assumption of technical and regulatory obligations. In practice, this requires a legally compliant and complete transfer of the register and ownership. We are happy to support you in making this process efficient and legally compliant.
Investors are not listed in the crypto securities register under their real names, but under a pseudonymized identifier, such as a public key. The link to the investor's identity is established in a separate, secure system that is managed exclusively by the register administrator. This ensures data protection integrity while also meeting regulatory requirements for transparency and traceability.
In order to participate in the crypto securities register as an investor, you must successfully complete the KYC process. In addition, the conditions for participation in accordance with the Regulation on Requirements for Electronic Securities Registers (eWpRV) must be met (see section “Legal information”). Once these steps have been completed, entry in the register takes place automatically as part of the subscription or purchase of an electronic security. Separate registration in the register is not required.
Currently, the German Electronic Securities Act (eWpG) allows the digital issuance of bearer bonds, investment fund shares, and registered shares. At HAL, you can have tokenized bonds and fund shares issued and managed entirely digitally. For both instruments, we offer register maintenance as well as additional services such as custody, paying agent, and reporting—as a complete service package upon request.
Tokenized issuance offers a number of advantages over the traditional securities process. The elimination of paper certificates and central intermediaries significantly speeds up settlement, which can be reduced to T+0 or T+1. Transaction costs are reduced, processes can be made more efficient through smart contracts, and digital distribution channels open up new investor groups. At the same time, the legal structure remains completely intact and is secured by HAL's regulatory framework. The result: a flexible, efficient, and future-oriented issuance solution.
HAL has comprehensive emergency and recovery management that is also designed for digital securities infrastructures. All register entries and transaction data are stored in an audit-proof manner and backed up in real time.
Hauck Aufhäuser Lampe maintains a crypto securities register in accordance with the German Electronic Securities Act (eWpG). The deposited terms and conditions of the registered issuances can be found at the following link.*
SUBMISSION OF THE TERMS AND CONDITIONS OF THE ISSUE
*At the request of the issuer, access to the terms and conditions of the issuance may be restricted in accordance with Section 5 (1) sentence 2 eWpG.
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