Estate Planning for Cold Storage Your client just told you “I have a cold storage device for my cryptocurrency”, what do you do? In the inevitable cycle of life and wealth, a recent reality has become clear: if living people own cryptocurrencies, so do the estates and legacies of deceased individuals. As a professional working …
In 2014, the Uniform Law Commission drafted UFADAA – the Uniform Fiduciary Access to Digital Assets Act. UFADAA’s goal was to aid fiduciaries in the inventory, reporting, and distribution of digital assets. However, only the state of Delaware enacted a version of the statute before, in 2015, the ULC proposed a revised version of the …
In light of the upcoming 60th Annual Hawai’i Tax Institute, we are going to take a look at Hawai’i’s unique approach to state licensing for digital asset companies. Hawai’i’s Division of Financial Institutions as well as the Hawai’i Technology Development Corporation launched the CIL (Digital Currency Innovation Lab) program in 2020 to pre-empt digital asset …
Crypto regulation is difficult and contentious. The SEC has been wrestling with crypto entities for a long time, but other regulators have also set up hoops on centralized crypto companies in an attempt to protect consumers. Today we will review the licenses needed for a centralized crypto custodian to operate in the United States: the …
RUFADAA, the Revised Uniform Fiduciary Access to Digital Assets Act, has been enacted in most states as a measure to support the passing on of digital assets as part of an estate. Digital assets are difficult to pass on for a plethora of reasons, but the main barriers are password-gating, privacy concerns, and lack of …
Cryptocurrencies are an important emerging asset class, however most legal and financial professionals don’t know enough about these assets to answer client’s questions meaningfully. The first step in understanding how cryptocurrencies can fit into a client’s plan is understanding where and how they are stored. We will go over the two key decisions clients make …
