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

In this episode of Inside Digital Assets, host Lidia Kurt speaks with Michael Duttlinger (CEO and Co-Founder of Cashlink) about one of the key infrastructure challenges in Europe’s digital asset market: issuance. The conversation explores why the future of tokenized capital markets is unlikely to be fully decentralized, and why regulated intermediaries will continue to play an important role. Michael explains how the German crypto securities registrar model works, why it matters for institutional trust, and how it helps connect blockchain-based securities with the requirements of regulated capital markets. The episode also looks at Europe’s broader issuance landscape. While trading and settlement frameworks are evolving, issuance remains largely shaped by national regimes. Michael shares why this creates structural challenges for scaling tokenized securities across Europe, and which jurisdictions are likely to play a leading role in the years ahead. Another focus is the shift from pilot projects to real implementation. The discussion highlights why financial institutions need more than strategy and experimentation: real learning happens through actual issuance, involving not only innovation teams, but also compliance, legal, operations, and other core functions. Listeners will also gain insights into how Cashlink has evolved over the past decade, how the market is moving from proof-of-concept to production, and why hybrid models are likely to define capital market infrastructure for years to come. This episode is for anyone interested in tokenization, digital securities, capital market infrastructure, and the future of regulated digital finance in Europe.