Date: 01.09.2022Crypto Securities:
The electronic register (see “electronic securities”) used to register these electronic securities can also be operated on the basis of DLT systems (“crypto securities registers”, section 16 of the eWpG). If an electronic security is created by an entry in a crypto securities register under the eWpG, it is called a crypto security (section 4 (3) of the eWpG). If it is entered in a central register, it is called a central register security (section 4 (2) of the eWpG). A security token is therefore only a crypto security if it has been entered in a crypto securities register under the eWpG. Crypto securities are usually to be categorised as securities as defined under supervisory law. With regard to the resulting supervisory obligations, please refer to the above information on security tokens.
The KWG now also contains a new authorisation requirement for the maintenance of a crypto securities register (section 1 (1a) sentence 1 no. 8 of the KWG). In addition, there are special authorisation requirements for the safeguarding of the associated private cryptographic keys for others (crypto custody business). More information on these two financial services and the related requirements can be found on the BaFin website on the pages relating to the maintenance of crypto securities registers and crypto custody business.
