BaFin publishes crypto securities list

1. Details and background of the the Crypto Securities List

The issuer of an electronic security is obliged to initiate the publication of certain information via the Federal Gazette (Bundesanzeiger) when entering a crypto security into the crypto securities register and to notify BaFin. Changes in the published information also oblige the issuer to publish these. BaFin then publishes or supplements the information in a list maintained by it accordingly. This list is the publicly accessible, the so-called "Crypto Securities List". The legal basis for maintaining the Crypto Securities List and for publishing the information contained therein is section 20 subsection of the Electronic Securities Act (“eWpG”).

The information published by BaFin through the Crypto Securities List is merely a compilation of the publications made by issuers in the Federal Gazette (Bundesanzeiger), without BaFin checking the content of this information.

2. Content of the Crypto Securities List

It is worth noting that the information contained in the Crypto Securities List does not fully reflect all of the information to be published via the Federal Gazette (Bundesanzeiger). For example, the Crypto Securities List does neither contain information on the crypto securities register, nor information on the essential content of the right. Accordingly, this information must be viewed in the respective publication in the Federal Gazette (Bundesanzeiger). However, the publications in the Federal Gazette (Bundesanzeiger) are currently still limited to minimal additions to the information contained in the Crypto Securities List. For example, the information on the essential content of the right is limited to a mere reference to the terms and conditions of issue. Thus it is not very informative.
Almost simultaneously with BaFin, the Federal Office of Justice and Consumer Protection published a revised draft of an ordinance on requirements for electronic securities registers. It remains to be seen whether and how this regulation (in its forthcoming versions, if any) will affect the information one is obliged to publish.

3. Possible influence by MiCAR

The eWpG applies to bearer bonds which, depending on their design, may also fall under the scope of the current draft of the MiCAR (Markets in Crypto-assets Regulation). The draft MiCAR is currently still under discussion. The extent to which the eWpG and the upcoming MiCAR will complement each other or whether the eWpG will have to be adapted can only be assessed once the final MiCAR is published.

With its two entries so far (both related to crypto securities issued by DeKa Bank Deutsche Girozentrale), the significance of the Crypto Securities List still appears to be minor. However, regarding the MiCAR's comprehensive regulations, this may change and enable German investors to obtain uncomplicated and timely information on investments in the relevant crypto securities.

4. Further readings

Further information on the predecessor draft of the now revised draft on the ordinance on requirements for electronic securities registers (eWpRV) can be found in our previous article on the Draft bill of the Electronic Securities Register Ordinance.

More information on the MiCAR draft regulation can be found in our article on the draft regulation MiCAR – and its effects.