The enforcement and bankruptcy of blockchain-based assets (Crypto-Assets)

Blockchain technology is on the rise. As the total market capitalization of blockchain- based crypto-assets continues to rise, more and more companies are turning to blockchain-based applications, such as smart pay-per-use systems. For example, micropayments can be efficiently carried out using tokens specifically implemented for this purpose on the respective blockchain application, which can in turn be exchanged for fiat currency if needed. As more and more wealth is accumulated in blockchain-based crypto-assets, the question of how these new assets behave in individual and general enforcement becomes increasingly relevant. This article dissects these questions and demonstrates where German Code of Civil Procedure (Zivilprozessordnung- ZPO) and the German Insolvency Code (Insolvenzordnung- InsO) de lege lata are not able to ensure effective and comprehensive l enforcement of blockchain-based crypto-assets. These results should encourage the legal debate and call on the legislature to remove the legal obstacles de lege ferenda.