Transitional provision on the Act Introducing Electronic Securities

(1) An undertaking that holds authorisation to operate the crypto custody business on 10 June 2021 may also provide that business in respect of safeguarding private cryptographic keys used to hold, store, or dispose of crypto securities under section 4(3) of the Electronic Securities Act.
(2) For an undertaking that takes up an activity under section 1(1a), second sentence, point 8, within the first six months from 10 June 2021, authorisation for operating a crypto securities register is deemed to have been provisionally granted, where it submits a complete authorisation application under section 32(1), first and fifth sentences, also in conjunction with a statutory instrument under section 23 of the Electronic Securities Act, six months after taking up the activity, and where it notifies the Federal Institute in writing of its intention to take up the activity two months before doing so. The notification must contain the particulars under section 32(1), fifth sentence, points 1, 2, and 5, and must comply with the requirements of the regulation under section 24(4). The Federal Institute may prohibit the undertaking from taking up the activity, in particular where there are doubts as to the suitability of the recording system, or where facts become known to it that would justify refusing authorisation under section 33(1), until the authorisation procedure is concluded.