Tokenized securities issuance
Tokenized securities issuance is the creation of financial instruments whose records can be maintained digitally using tokens. In Germany, an eligible security can be issued by entry in an electronic register instead of a paper certificate. Investors still acquire defined legal rights, such as repayment of a bond, under the terms of the instrument.
Issuing tokenized securities requires the issuer to connect those rights with the register and the intended distribution process. The participants must agree who records ownership and who carries out regulated investor services. This gives an issuer a way to organize a digital issue while keeping responsibility for the legal terms and ongoing investor administration.
Start with the security, not the token
The issuer first decides what investors will own: a repayment claim, interest, participation in a fund or another defined right. That decision sets the disclosure, prospectus and investor eligibility questions. Technology cannot replace the security terms. Tokenized bonds are one possible form; tokenized securities explains the wider legal category.
For a German electronic security, the Electronic Securities Act (eWpG) provides the register framework. The issuer and its advisors must determine which instrument and register route are suitable for the transaction.
Who records ownership?
A crypto security under the eWpG is entered in a crypto securities register. The register keeper is a regulated party, separate from the issuer's marketing or technology provider. Gubbi says that activities requiring a license are performed through its licensed partners. This distinction matters when an issuer compares a tokenization platform, a register keeper and a distributor. Gubbi includes issuance in its 360° Value Chain (in German).
Before launch, the issuer needs agreed responsibilities for issuance data, investor onboarding, custody or wallet access, transfers and ongoing reporting. The product may be digital, but each step still needs an accountable operator.
How GDX Primary Market enters the issuance process
GDX Primary Market's issuer information (in German) describes onboarding, review, placement and reporting. GDX Primary Market is operated by Gubbi Protection GmbH and works with licensed partners for regulated services. GDX Primary Market's role is to connect a prepared issue with banks, financial advisors and other distribution partners in Germany. The next step for an issuer is therefore a placement plan: which investors may buy, through which channel, and with which documents?
Gubbi and its platform do not turn every asset into a suitable public offer. The structure and distribution depend on the instrument and the permissions of the parties involved.
What should an issuer prepare before a first call?
Bring the proposed security terms, target investors, intended issue size, existing legal advice and an outline of the distribution route. Ask who keeps the register, who performs the regulated brokerage or advice, and what happens after issuance. Distribution of tokenized securities in Germany addresses the channel decision in more detail.
Upcoming tokenization events in Germany
Issuance, distribution and trading
Tokenized securities and Finance Loop
Finance Loop brings issuers, financial institutions and technology providers together around tokenization in Germany. Gubbi AG is a Finance Loop Premium Partner and contributes its experience with issuance and distribution.
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