Crypto Securities Register - Legal Information
Disclosure Requirements according to § 12 and § 18 eWpRV
Status: October 10, 2024
Participation Criteria (§ 13 para. 1 no. 4 and § 18 para. 1 eWpRV)
ecrop GmbH offers all potential participants open and fair access to the crypto securities register. Applications for participation in the register must be submitted in writing or electronically to the address onboarding@ecrop.de.
In addition to the conclusion of a user agreement incorporating the terms of use, successful client acceptance by ecrop GmbH is required. Potential participants must meet the defined technical and legal requirements for participation. This includes, among other things, the successful completion of the KYC process and compliance with AML guidelines. The terms of use are published on the website of ecrop GmbH.
Suspension and Ordinary Exit (§ 18 para. 5 eWpRV)
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Suspension: Participants may be (temporarily) blocked for legal reasons, or user accounts may be suspended if, for example, a sanctions and/or embargo check is negative or there are other legal concerns about participation.
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Ordinary Exit: An ordinary exit usually occurs through termination by the participant, for example, if the holder no longer holds any shares in a crypto security. An exit can also be initiated by ecrop GmbH if a participant no longer meets the participation criteria or violates the terms of use.
Reasonable Period and Validity of Transfers (§ 18 para. 4 eWpG and § 12 para. 1 eWpRV)
ecrop GmbH, as the registrar, always ensures that the transfer is unambiguous, takes place within a reasonable period, and that the transaction cannot subsequently be invalidated on the recording system (§ 18 para. 4 eWpG).
The reasonableness of the transfer period is ensured by the fact that a transfer is carried out within 24 hours if the instructions for the transfer from all participants requiring approval have been received by ecrop GmbH as registrar on weekdays from 9:00 a.m. to 4:00 p.m. CET and there are no anomalies in the sanctions/embargo check, which is carried out on the basis of the sanctions list of the European Union and the Office of Foreign Assets Control (OFAC).
From a technical perspective, transactions that are included in the blockchain by means of PoA are considered final. Finality is ensured by the validator nodes in the network.
As a rule, new transactions are included in the network within 15 seconds. The block times are considered reasonable and meet the requirements of § 7 eWpG.
Additional Notes:
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The exact technical specifications of the consensus mechanism and blockchain technology used are described in the technical documentation of the crypto securities register.
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ecrop GmbH continuously monitors the performance of the recording system and the block times to ensure compliance with the specified timeframes.
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ecrop GmbH reserves the right to adjust the specified timeframes if necessary, e.g., in the event of technical problems or increased transaction volume. Participants will be informed of any changes in a timely manner.