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Distributed Ledger Technology (DLT)/ Blockchain

Distributed Ledger Technology (DLT)/Blockchain

We observe that the digital economy through the use of DLT is on the road to decentralization this is particularly true for the financial industry. In essence, DLT is a decentralised “data base” which allows all its users to have the same information. All participants have a copy of the same data base which is updated automatically.

Using this new technology in the financial sector, we would like to stress on the importance of maintaining principles such as tech-neutrality and “same business, same risks, same rules” to uphold transparency, fairness, stability, investor protection and market integrity.


We endorse the efforts of digitalising securities and have been supporting this initiative for many years. We see a chance that existing and future markets continue to be secure, transparent and responsible – with an increased flexibility and efficiency through new technologies like DLT/Blockchain.

Neutral bodies such as FMIs are well positioned to develop forward looking solutions together with other actors in the financial industry due to their expertise, robust IT systems, their highly regulated processes and the established trust. 

Regulatory initiatives

Deutsche Börse Group welcomes the different regulatory developments fostering innovation regarding DLT/Blockchain and the use of crypto-assets on the level of the European Union, Luxembourg and Germany with i.e. the so called “Digital Finance Package” starting the political processes on: first the regulation on the markets for crypto-assets (MiCA), second the regulation on a pilot-regime on DLT market structure, third the targeted changes of EU financial markets regulations referring to crypto-assets qualifying as financial instruments and fourth the digital operational resilience act (DORA) as well as the processes on the introduction of electronic securities in Germany as well as the law facilitating dematerialisation in Luxembourg.

We welcome the regulatory efforts to digitise securities at all levels and have strongly supported such initiatives for many years.

Nevertheless, parts of the European Commission´s proposal for the Pilot regime still raise some questions and we believe that some adjustments will be necessary to ensure consumer protection, market integrity and a level playing field. Experience from past financial crises has shown that fundamental principles such as consumer protection, financial stability or the conduct of an orderly monetary policy must not be compromised and must be ensured in the interest of society, irrespective of the technology used and also in the context of a testing-phase.

These principles should not be invalidated by the mere reference to the promises of new technologies. Innovation and new ideas must be allowed to mature within a stable regulatory framework which reconciles competition, investor protection and financial stability.

Proposed Regulation for Markets in Crypto Assets (MiCA)

Proposed by the European Commission as part of the Digital Finance Package, this regulations sets out an EU framework enabling the use of crypto assets, stablecoins and creates rules non-financial crypto-assets. 

Pilot regime for market infrastructure based on distributed ledger technology

This proposed regulation introduces a pilot regime for market infrastructures based on DLT dealing with financial instruments. DBG will closely monitor these developments.

Draft proposal of the German Ministry of Finance on Electronic Securities (eWpG)

The German draft law is introducing the possibility to issue securities electronically and promote the use of DLT. 

Modification of the Luxembourgian law on dematerialized securities

This draft law is supposed to update an earlier legislative document from 2013 in ensuring a modernization and continued applicability.


DBG is involved in the development of a DLT-based system that provides market participants with improved collateral mobility across a fragmented securities settlement eco-system in cooperation with HQLAx.

FundDLT initiative by Clearstream

Clearstreams FundsDLT is reconnecting investors and asset managers by helping intermediaries to digitize fund distribution operations through a market infrastructure based on distributed technologies.

DBG´s response to the European Commission´s consultation on the EU regulatory framework for crypto-assets

In this consultation, the European Commission was investigating areas for the Crypto Asset Framework of the EU.