Fixing Europe’s Issuance Problem: A conversation with Michael Duttlinger (Cashlink)

How can Europe build a scalable infrastructure for tokenized securities?

In this episode of Inside Digital Assets, host Lidia Kurt speaks with Michael Duttlinger (CEO and Co-Founder of Cashlink) about one of the most important bottlenecks in Europe’s digital asset market: issuance.

The conversation explores why the future of capital market infrastructure will likely be hybrid rather than fully decentralized. While blockchain technology can reduce friction, increase efficiency, and remove parts of the traditional infrastructure stack, regulated capital markets still require trusted intermediaries, legal certainty, and compliant control mechanisms.

A key focus of the episode is the role of the crypto securities registrar in Germany. Michael explains why this function is more than just another intermediary layer: it helps bridge blockchain-based securities with the operational and regulatory realities of institutional finance. Topics such as KYC, AML, sanctions compliance, asset control, and smart contract responsibility are central to this discussion.

The episode also looks at the wider European market structure. While trading and settlement frameworks are gradually evolving, the issuance of tokenized securities remains shaped by national regimes. Michael shares why this fragmentation matters, which jurisdictions are especially relevant, and why solving Europe’s issuance problem is essential for scaling digital assets across borders.

Another important theme is the transition from pilot projects to real implementation. The conversation highlights why institutions do not learn tokenization through theory alone: real progress comes from actual issuance, involving not only innovation teams but also compliance, legal, operations, and change management functions.

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Discover the full conversation in this episode of Inside Digital Assets.

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