Who is this post for? If you are an officer or director of a crypto firm, or a firm with significant exposure to the losses of a crypto firm, and if you’re concerned about your personal assets being subject to claims from investors and accompanying legal defense costs, then this FAQ is for you.
I. Overview
On 1 October 2021, the new German Regulation on Increased Duties of Care for the Transfer of Crypto Value (Kryptowertetransferverordnung – “KryptoWTransferV”) entered into force. In a nutshell, by this Regulation the German legislator implemented the so-called ‘Travel Rule’ for transfers of crypto values (Kryptowerte) as suggested by the Financial Action Task Force