Electronic securities (or security tokens) are digital versions of traditional securities. They represent ownership or rights to assets.

The term ‘electronic securities’ refers to securities within the meaning of Section 4(3) of the Electronic Securities Act (eWpG) or crypto-assets within the meaning of Section 1(11), fourth sentence, of the German Banking Act (KWG) and, in future, within the meaning of Article 3(1)(2) of the proposal for a Regulation on Markets in Crypto-Assets.