The business model of crypto custodians is relatively new. If these companies fall into financial distress, the question arises as to which legal framework is applicable to them. Since jurisdictions such as the US, the Swiss, the German, and recently also the European Union place crypto custodians under financial supervision, it seems reasonable to assume that the numerous European legal acts for these firms and the recovery and resolution of credit institutions, investment firms and other firms may be relevant (SRMR, BRRD, MiFID II, CRR, MiCAR etc). On the other hand, crypto custodians could be coherently located in the system of European insolvency law. However, the EIR Recast contains an exclusion for certain companies in the financial sector. Having now seen major crypto custodians in financial distress, legal scholars must answer the question of whether one of the legal frameworks is applicable to crypto custodians or whether the European legislature must extend the scope of one of the regimes to include crypto custodians. The study will show that the business model of pure crypto custodians holding crypto currencies in custody is not covered by major European regulations and directives concerning the financial sector but can be covered by the EIR Recast through a narrow interpretation of its scope exclusion. Taking the European legislator's perspective, the paper demonstrates that neither the CRR, SRMR, nor BRRD will lead to coherent results with respect to crypto custodians in financial distress but instead, though unintentional, the application of the EIR Recast. Concerning crypto custodians, the EIR Recast, therefore, seems to be the more suitable regime.

中文翻译：

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陷入财务困境的加密货币托管人


加密货币托管人的商业模式相对较新。如果这些公司陷入财务困境，就会出现哪些法律框架适用于它们的问题。由于美国、瑞士、德国以及最近的欧盟等司法管辖区将加密货币托管机构置于金融监管之下，因此可以合理地假设这些公司的众多欧洲法律行为以及信贷机构、投资的恢复和解决方案公司和其他公司可能相关（SRMR、BRRD、MiFID II、CRR、MiCAR 等）。另一方面，加密货币托管人可以在欧洲破产法体系中保持一致。然而，EIR 重订包含对金融领域某些公司的排除。现在看到主要的加密货币托管人陷入财务困境，法律学者必须回答这样的问题：其中一种法律框架是否适用于加密货币托管人，或者欧洲立法机构是否必须扩大其中一种制度的范围以包括加密货币托管人。该研究将表明，托管加密货币的纯加密货币托管人的商业模式不受有关金融部门的主要欧洲法规和指令的涵盖，但可以通过对其范围排除的狭义解释而被 EIR Recast 涵盖。从欧洲立法者的角度来看，本文表明，CRR、SRMR 和 BRRD 都不会为陷入财务困境的加密货币托管人带来一致的结果，相反，尽管是无意的，但 EIR Recast 的应用却会产生一致的结果。因此，对于加密货币托管人来说，EIR 重铸似乎是更合适的制度。