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The German Electronic Securities Act (Gesetz über elektronische Wertpapiere - eWpG, hereinafter eWpG) entered into force on 10 June 2021. Germany is thus following the example of other European states such as France, Luxembourg, Liechtenstein, and Switzerland moving towards a dematerialization of securities law. The aim of the eWpG is to modernize securities law and to boost the German financial market. Under the eWpG the currently mandatory documentary embodiment of securities is abandoned. Issuers should be able to choose whether they want to issue securities by means of a certificate or electronically. The requirement for a physical certificate is replaced by an entry in an electronic securities register(an equivalent to the physical certificate). The provisions of the eWpG are technology-neutral in the sense that securities issued via blockchain are generally not to be favored over other electronic forms of issuance. The eWpG classifies electronic securities as moveables(things, Sachen) within the meaning of section 90 of the German Civil Code(BGB). This ensures comprehensive property protection, especially in cases of bankruptcy and foreclosure. In order to take into account the particularities of electronic securities in individual entries, special regulations are provided for disposals, including the transfer of ownership and, in particular, the acquisition in good faith(bona fide acquisition, gutgläubiger Erwerb). The eWpG is supposed to initially limited to bearer bonds(Inhaberschuldverschreibung), mortgage bonds(Pfandbriefe) and certain fund units. The scope of application of the eWpG will be expanded later on to include other securities, such as electronic stocks. The eWpG provides for two types of electronic securities registers: central securities registers and decentralized crypto securities registers, which are typically operated on the basis of distributed ledger technology(DLT). Electronic securities are divided into central register electronic securities and crypto securities. A central register electronic security is defined as an electronic security that is entered in a central register, whereas a crypto security is defined as an electronic security that is registered in a crypto securities register. The entity maintaining the electronic securities register must ensure ensures the confidentiality, integrity and authenticity of the data. He must also ensure that the register accurately reflects the existing legal situation at all times, and that entries and transfers are complete and accurate. In the event of a breach of this obligation, the entity shall be liable to pay damages to the party concerned. The issuance of the electronic securities and the management of the electronic securities register should be placed under the supervision of the Federal Financial Supervisory Authority(BaFin). For this purpose, the management of the electronic securities register is designed as a financial service within the meaning of the German Banking Act(KWG).