Law draft to finance future investments: BMF and BMJ strengthen customer rights if the insolvency of crypto custody are insolved

Law draft to finance future investments: BMF and BMJ strengthen customer rights if the insolvency of crypto custody are insolved

insolvent crypto -custody: This is how the right of separation protects customers

The Federal Ministry of Finance (BMF) and the Federal Ministry of the Justice (BMJ) have submitted a draft law to finance future investments (future Financing Act or “Contract”). In addition to the introduction of electronic stocks, this draft also aims to strengthen customer rights in the bankruptcy of crypto custody.

Under the current legal situation, the bankruptcy of crypto custody is questionable whether German bankruptcy law is used, since the data of the crypto values ​​are distributed worldwide. In cross -border cases, the European Insolvency Ordinance applies. If the crypto custody is based in Germany, a lot speaks for the application of German bankruptcy law.

It is also crucial how crypto values ​​are to be classified in bankruptcy law and whether there is a right to pay for these assets. A right of separation enables customers to reclaim their crypto values ​​from the insolvency administrator. If the cryptocal values ​​are unable to, the right of separation exists, the customer can claim a right to the crypto custody, which entitles you to separate, and the subject of the separation is determined or at least sufficiently determined.

A right to share is in the interest of the customer, since in this case he keeps control of his crypto values. Otherwise, the crypto value would belong to the bankruptcy estate, and the customer would only receive a quotal repayment. The capability of crypto values ​​depends on whether these assets can be attributed to a value.

A right to separate can arise within the framework of the crypto protection business if there is a trust constellation. Such a trust exists if the trust mainly serves the customer's interest, the customer hands over the crypto custody to control the crypto values ​​and the crypto values ​​immediately get into the assets of the crypto custody. Compliance with the principle of asset is also important and depends on the type of custody, whether in individual or omnibus walls.

crypto-custody is often used omnibus walls that can contain crypto values ​​of several customers. In such cases, a clear delimitation of the assets is necessary to ensure a right of deduction by the customer. An internal list of inventory can help to capture the assignment of the krrypto values ​​for the assets of the individual customers.

The truck in the future should introduce certain obligations for crypto custody to protect customer assets. It determines an obligation to make wealth and fundamentally assigns the crypto values ​​to the customer's assets. This creates a separation right for the customer, unless the customer has agreed to have a disposal about his crypto values. Crypto custody has to ensure that there is a clear delimitation between their own crypto values ​​and the kiltred crypto values ​​of the customers.

In summary, it can be said that the consumption gives customer rights more weight in the bankruptcy of crypto custody. Customers can rely on the fact that they are entitled to a separation right to their kept crypto values. The law creates legal certainty and contributes to protecting customers' interests.