欧洲央行平台Pontes正式上线：现在需要关注代币化证券的哪些要点

Brief overview

The European Central Bank system launched the Pontes settlement platform on September 21, 2026. Banks and securities depositories can use the platform to trade and settle tokenized securities and complete the settlement of capital legs in the central bank's currency. On the day of activation, no changes will occur to your brokerage account or wallet itself. The key lies in the differences behind the issuance: Tokens can be securities or crypto assets, and liability, custody and tax treatment all depend on this classification.

This release is not just a professional story. For the first time, securities settlement on blockchain is backed by central bank currency. This single element distinguishes the infrastructure German banks are currently building from the tokenized shares you can buy at certain cryptocurrency providers. This article will explain what Pontes are, who is involved, and three points why you should check your position.

What are Pontes? What does the ECB settle on it?

Pontes is a settlement solution from the European Central Bank that allows large transactions of tokenized assets to be settled in the central bank's currency. Its name comes from the Latin word "bridge": the platform connects the private blockchain network where securities are stored with the central bank's existing payment system. The ECB's press release dated September 21, 2026 described the release as a step in a planned plan through which the ECB aims to make central bank currency available for tokenized markets.

There are two terms that need to be clearly defined because the rest of the article is based on them. Tokenized Securities 是指所有权不以纸质证书或传统中央登记簿记录，而是作为分布式账本（即区块链）中的条目记录的证券。中央银行货币是直接存放在中央银行的资金，与存放在商业银行的余额（即对该机构的债权）相对。

此处有一个重要的背景信息：Pontes是一个面向银行、中央证券存管机构（CSDs）及其他类似机构的批发平台。根据欧洲央行的说法，任何拥有T2支付系统访问权限或被认可为基于分布式账本技术的市场平台授权运营商的人均可接入。那里没有个人账户，将来也不会有。

以中央银行货币取代商业银行货币：为何结算风险降低

在每笔证券交易中，都存在一方已交付而另一方尚未付款的时刻。技术术语券款对付（Delivery versus Payment, DvP）解决了这种结算风险：交付和付款被链接在一起，以便两者同时发生或都不发生。Pontes通过一种被称为哈希链接（hash link）的机制为代币化纸质证券实施这一操作，该机制将一个平台上的证券腿与另一个平台上的资金腿绑定在一起。

与以往路径的区别在于资金腿。迄今为止，任何将代币化证券兑换为稳定币或商业银行余额的人都承担了额外的风险：稳定币发行人或银行可能会失败。而中央银行货币不存在此类违约风险。欧洲央行执行委员会成员Piero Cipollone在声明中表示，Pontes将中央银行货币的稳定性和信任感带入了欧洲的代币化金融交易生态系统。欧洲央行行长克里斯蒂娜·拉加德指出，欧洲央行正在迈向一个更整合、更具创新性和韧性的欧洲金融市场，以适应数字时代。

对您而言，这主要是一个基准指标。当提供商向您出售代币化证券时，您现在可以询问该交易的实际资金腿是以何种形式结算的。答案将区分出嵌入监管结构的构造与最终由代币发行人背书的构造。

谁参与了Pontes：德意志银行、DZ银行、KfW和德国联邦银行

在其声明中，欧洲央行列出了已完成入职流程并可立即开始的机构。来自德国的包括德意志银行、DZ银行、巴伐利亚州银行、DekaBank、NRW.BANK、重建信贷银行（KfW）和德国联邦银行。此外还有欧洲投资银行、ABANCA、Caisse des Depots et Consignations、Cecabank、Memo Bank、桑坦德银行和法国兴业银行。Axiology、Cashlink、Clearstream和SWIAT作为基于分布式账本技术的市场平台运营商也加入了进来。

这份名单才是真正的新闻价值所在。这不是市场边缘的实验项目，而是许多德国投资者已经持有活期账户或证券账户的机构，加上两家债券存在于无数固定收益基金中的政策性银行。一旦这些机构通过中央银行轨道结算数字债券，该产品类别在德国市场上将变得更加普通，迟早会作为投资产品出现在您面前。

声明中的第二点值得注意：欧洲央行宣布将将其自有投资组合的一小部分投资于代币化证券，并通过Pontes以中央银行货币结算这些购买。中央银行希望建立自己在交易、结算和管理此类持仓方面的实践经验。

Pontes意味着桥梁：该平台将私有区块链网络与中央银行货币连接起来。

两条结算路径：DLT平台上的现金代币或在T2中记账

根据欧洲央行的说法，Pontes提供两条路径。第一条，结算直接在欧洲央行平台上进行，资金腿在那里通过所谓的“现金代币”运行。第二条，付款通过T2进行，这是欧洲央行现有的实时全额结算系统，最终记账以中央银行货币完成。

双轨制的原因很实际。一些市场参与者希望将整个结算移至区块链；另一些人希望代币化其证券，但保留他们信任的支付路线。欧洲央行对两扇门都敞开，并指出Pontes最初仅提供一套核心服务，并将逐步扩展。更长的运营时间和其他技术功能将随后推出，预计全面实现将在2028年。

从措辞中可以得出一个冷静的预期：2026年9月21日是一个开始，而不是一个完成的市场。现在看到声称产品已经完全在中央银行轨道上运行的广告的人应该仔细阅读指的是哪条路径，以及该证券是否确实由上述机构之一发行。

加密资产还是加密证券？这一区别决定了您的税务

这是直接触及您资金的部分。根据德国法律，这是两件不同的事情，尽管两者都位于区块链上，并且通俗地被称为代币。

加密资产（根据欧盟MiCA法规的含义），例如比特币或以太坊效用代币。作为私人资产持有，出售属于《德国所得税法》第23条规定的私人处置交易。由此产生熟悉的一年持有期和每年1,000欧元的免税阈值。德国联邦财政部于2025年3月6日发布了一份关于某些加密资产所得税处理的通函，取代了2022年的版本，并在记录保存和合作义务方面描述了更详细的内容。

加密证券相比之下，根据德国电子证券法，是一种证券。它被录入加密证券登记簿，在税务方面适用《所得税法》第20条关于投资收益的规则：收益按固定比例预扣税，享有储蓄者津贴，且没有一年后免税销售的持有期要求。如果您在一个投资组合中混合这两类并以相同方式对待它们，那么您就是在错误地计算其中一类。

在实践中这意味着：在您开设此类头寸之前，确定类别而非包装。无论提供商将其产品营销为数字债券、代币化证券还是证券代币，都与税务处理无关。如果您无论如何都要收集记录，一个干净的投资组合和税务工具可以帮助您将这两类分开；德国市场的既定解决方案在我们的加密税务软件和投资组合跟踪器比较中有所介绍。关于代币化股票的持有期如何运作的详细信息，我们已单独撰写。

Crypto-Securities Register based on eWpG: How to check what you actually hold

The German Electronic Securities Law will come into effect on June 10, 2021. It recognizes cryptosecurities as electronic securities entered in the crypto-securities register. Anyone maintaining such registers provides financial services that require authorization and are supervised by BaFin; the competent authority describes the crypto securities register custody activities on its dedicated page.

This resulted in a specific checkpoint. Ask the provider who is responsible for maintaining the register and whether the entity holds a BaFin authorization for this purpose. For crypto securities issued in Germany, there will be an answer with a name and address. There is no answer for tokens that only copy shares, as no security rights are reflected there; there is a claim against the token issuer. If there is a problem, what this means for ownership issues is explained in our article on ownership and issuer risks of tokenized stocks.

The second inspection involves trading venues. Providers providing crypto asset services in the EU need to be authorized since MiCA became fully applicable; the obligations associated with them are detailed in our MiCA Licensing Obligations Center for cryptocurrency companies. For purchasing cryptocurrency assets itself, you can find institutions with European authorizations in our overview of the best regulated cryptocurrency exchanges.

Pontes has not changed your Bitcoin position

On Social networks, this release will soon be simplified to the phrase "central banks enter cryptocurrencies." This is not the case. Pontes settles securities located on a distributed ledger. Bitcoin is not a security, and the project has neither built nor announced a central bank track for trading crypto assets.

For positions in your self-managed wallet, the consequences are: no new reporting obligations, no new custodian, and no change in tax status. The way you visit the exchange remains the same. What may change in the medium term is the environment. If digital bonds become normal on the banking track, custody solutions, registries and securities account processes will grow, which can later be used in other token classes as well. This is a reasonable inference, not an established commitment, and should be understood accordingly.

Whether a token is a security is determined by a registry entry, not the blockchain in which it is located.

Pontes, Appia and the Digital Euro: Three items you can't confuse

The ECB runs several initiatives simultaneously, and titles often confuse them.

• Pontes is a now-launched wholesale settlement solution for tokenized securities.
• Appia is the second track of the plan; the ECB and Danish National Bank are working with their public and private sector participants, and according to the ECB, the concept is expected to be rolled out in 2028.
• The digital euro is another matter, a form of central bank currency available to private individuals on its own timetable in a separate initiative; we reported on its pilot phase and related dates in our article on the digital euro pilot project.

Those who distinguish the three will avoid two broad erroneous conclusions. The first is that the release of Pontes marks the beginning of the digital euro. The second is that the European Central Bank is now starting to buy cryptocurrencies. Neither statement is true.

Timetable to 2028: What intermediate steps are important to investors

For the construction of Pontes, the ECB pointed out a 2028 timeframe and described the path to there as a gradual expansion, including additional services, longer operating times and further technical features. There was no single date in the statement to indicate what would change for retail investors.

Still, you can name the points that become specific to you. The first is issuance: When a policy bank or commercial bank issues digital bonds settled through Pontes, it will end up in funds or in investment products offered to you. The second is custody: Once your custodian bank can deposit digital securities into your account, a new category will appear in your files. The third is tax filings: For real crypto securities, banks will treat you like any other security, and the tax will be withheld by the institution. For crypto assets, reporting remains your responsibility.

Call and put cases for European tokenized bonds

are side-by-side, and both are assessments rather than forecasts.

The lineup supports the optimistic interpretation. Clearstream brought large central securities depositaries, KfW and the European Investment Bank brought two issuers that regularly placed large amounts of bond volume, and Bundesbank provided national central banks. This lowers the threshold for further issuers because counterparties, clearing and legal frameworks are in place.

The ECB itself supports a cautious interpretation. It clearly describes the release as a limited set of core services and delays full implementation until 2028. Infrastructure projects of this scale need transaction volume to support them, and whether issuers will widely choose new routes is still an open question today. The central bank has not given expected transaction volume figures, so we do not provide them either.

ECB Pontes released: takeaway

Establish categories before purchase.

For each token product, ask whether it is an eWpG-based crypto security or MiCA-based crypto asset, and who is responsible for maintaining the register. Taxation and liability depend on this. If you want to purchase crypto assets through a European-authorized platform, you can find relevant institutions in our overview of the best regulated cryptocurrency exchanges.

Separate the two categories in tax documents.

一年持有期和1,000欧元的免税阈值适用于加密资产，不适用于证券。从第一次购买开始就分开记录；正确的工具在我们的加密税务软件和投资组合跟踪器比较中。

不要因为Pontes而改变您的托管方式。

对于自我托管的加密资产，此次发布没有任何后续影响。如果您无论如何都在重新考虑托管方式，请以硬件钱包比较为准，而不是以关于批发基础设施的新闻为依据。