Clearstream advances tokenised fund distribution as authorised control agent
28 October 2026 Luxembourg
Image: Picture Office/stock.adobe.com
Clearstream, Deutsche Börse Group's post-trade business, backed by regulatory authorisation from the Commission de Surveillance du Secteur Financier (CSSF) can act as a control agent under Luxembourg’s Blockchain Law IV.
Through this authorisation, the firm will enable asset managers to issue tokenised fund shares using distributed ledger technology (DLT).
The firm explains the control agent acts on behalf of the issuer to oversee the integrity of tokenised issuance and, unlike conventional registrars or account keepers, maintains the central issuance account on a distributed ledger, tracks the holding chain, and ensures reconciliation.
Further, the firm notes due to its hybrid approach asset managers do not need to launch a new fund vehicle but can instead tokenise selected share classes within existing umbrella structures like UCITS or AIFs.
Clearstream says its control agent service is designed to run on a fully integrated DLT platform, subject to the completion of CSSF regulatory processes, and will support the issuance account and the controlled subscription, transfer, and redemption of tokenised fund shares.
Philippe Mueller, head of digital products and transformation for Clearstream Fund Services, says: “Tokenisation delivers genuine value when cutting-edge technology is embedded in a trusted, resilient market infrastructure. Luxembourg’s Blockchain Law IV provides the legal certainty the market has been waiting for.”
Mueller continues: “Our core objective is to offer hybrid solutions that combine the best of traditional and digital worlds. Asset managers can start with a single tokenised share class, keep the operational partnerships that serve them well today, and scale their digital distribution footprint at their own pace.”
Through this authorisation, the firm will enable asset managers to issue tokenised fund shares using distributed ledger technology (DLT).
The firm explains the control agent acts on behalf of the issuer to oversee the integrity of tokenised issuance and, unlike conventional registrars or account keepers, maintains the central issuance account on a distributed ledger, tracks the holding chain, and ensures reconciliation.
Further, the firm notes due to its hybrid approach asset managers do not need to launch a new fund vehicle but can instead tokenise selected share classes within existing umbrella structures like UCITS or AIFs.
Clearstream says its control agent service is designed to run on a fully integrated DLT platform, subject to the completion of CSSF regulatory processes, and will support the issuance account and the controlled subscription, transfer, and redemption of tokenised fund shares.
Philippe Mueller, head of digital products and transformation for Clearstream Fund Services, says: “Tokenisation delivers genuine value when cutting-edge technology is embedded in a trusted, resilient market infrastructure. Luxembourg’s Blockchain Law IV provides the legal certainty the market has been waiting for.”
Mueller continues: “Our core objective is to offer hybrid solutions that combine the best of traditional and digital worlds. Asset managers can start with a single tokenised share class, keep the operational partnerships that serve them well today, and scale their digital distribution footprint at their own pace.”
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