Diese Website verwendet Cookies, damit wir dir die bestmögliche Benutzererfahrung bieten können. Cookie-Informationen werden in deinem Browser gespeichert und führen Funktionen aus, wie das Wiedererkennen von dir, wenn du auf unsere Website zurückkehrst, und hilft unserem Team zu verstehen, welche Abschnitte der Website für dich am interessantesten und nützlichsten sind.
Crypto shares in detail: "Revolutionary financial instrument for the defense sector" (2/6)
The dilemma for companies in the defense sector has so far been the considerable difficulties in obtaining funding, not least due to high ESG requirements. Although the wind has changed in this respect and private equity investors are also increasingly interested in the defense sector, their investments usually lead to high return on equity expectations and often to a loss of control.
One alternative for defense companies could be the option of issuing crypto shares, which has been available since 1 January 2024. Their special features are described below, highlighting the differences and similarities to „conventional“ shares. Electronic shares do not replace „conventional shares“ evidenced in a certificate, but represent a digital alternative that unintentionally fulfills special requirements of the defense sector as a side effect, so to speak. In detail:
- „Conventional“ shares are securitized in the form of a global certificate and, therefore, exist physically, not least to ensure appropriate protection of good faith. In the case of crypto shares, this protection of good faith is also guaranteed by entry in a crypto securities register, without the need for a physical certificate.
- Crypto shares must always be issued as registered shares. This means that each crypto share can be assigned to a specific holder. Compared to conventional shares, this has the advantage that it is always possible to trace who the shareholder of a company is which is absolutely essential in the security-relevant defense sector.
- Blockchain technology makes it possible to restrict the transferability of crypto shares, which means that the identity of the shareholder can always be traced and transfers to „unsuitable“ persons can be avoided, which is key for the defense sector. To this end, the crypto shares should be issued within the framework of individual registration, with the result that a transfer can only take place by agreement between the seller and acquirer and a corresponding instruction from the seller to the crypto securities register. In addition to the entry in the crypto securities register, an entry in the share register is also necessary in order to be able to assert rights against the company, as both registers are independent of each other.
- Of particular interest to the shareholders of defense companies is the possibility of granting certain crypto shares a multiple voting right (maximum 10-fold), which must be regulated in the articles of association. This can ensure that the founders or early investors in the company can continue to make the decisive decisions, even after other investors have already joined.
- The issuance of crypto shares is only possible if the company’s articles of association permit this. Otherwise, there are no special features, which is why a resolution by the Annual General Meeting and a corresponding amendment to the Articles of Association with regard to the new share capital is always required for the issue.