Schutz verwahrter Kryptowerte bei einer Insolvenz des Kryptoverwahrers

Cryptocurrencies have become an integral part of today’s financial world. Since the custody of cryptocurrencies is technically complex, these assets are primarily held by crypto custodians. However, it remains unclear how customers and their cryptocurrencies are protected in the event of a crypto custodian’s insolvency.

This problem has not gone unnoticed by lawmakers. Section 45 of the German Crypto-Asset Management Act is intended to protect customers and their crypto-assets in the event of the crypto custodian’s insolvency. This work examines the scope of the protection provided by Section 45 KMAG, and in particular, the conditions under which a right of separation exists pursuant to Section 47 of the German Insolvency Code.