Allocation of custodied cryptographic instruments; costs of separation

(1) A cryptographic instrument held in custody for a customer in the course of a qualified crypto custody business is deemed to belong to the customer. This does not apply where the customer has given consent to dispositions over the value held in custody for the account of the institution or of third parties.
(2) In the course of a qualified crypto custody business, subsection (1) applies correspondingly to the share of cryptographic instruments in pooled custody to which the customer is entitled, and to private cryptographic keys held in individual custody.
(3) Where, in insolvency proceedings over the institution's assets, the customer does not consent to a separation by way of the transfer of the total holdings held in custody by the institution to an institution conducting the qualified crypto custody business and designated by the insolvency administrator, the customer bears the costs of the separation. This does not apply where the conditions under which the other institution offers to continue the custody relationship are unreasonable for the customer. The first and second sentences apply correspondingly to the transfer of material parts of the total holdings held in custody.