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By Jacy Whittaker and A. Kenra Parris-Whittaker, from ParrisWhittaker, a law firm based in the Bahamas.
Cryptocurrencies such as Bitcoin, Litecoin, and Monero are now firmly on the radar of the world's financial regulators. Hardly surprising when we consider the sheer volume and value of cryptocurrency and the increasing number of people who own cryptocurrency or invest regularly in it. Ownership and trading in cryptocurrency are no longer the preserve of the sophisticated investor.
In 2024, the investment website Investopedia indicated that the total value of cryptocurrency was roughly $2.6 trillion. That was about 0.56% of the value of all money.
At ParrisWhittaker we regularly encounter Bitcoin and other cryptocurrencies in our everyday work, for example:
• when handling the estate of someone who has left behind cryptocurrency and other digital assets in significant amounts
• dealing with divorce where crypto-assets are part of the matrimonial pot
• advising businesses on the regulation of crypto-assets and how they may attract regulatory scrutiny
• when a client is buying or selling residential or commercial property and cryptocurrency is being used to fund the transaction
The Crypto Conundrum
The evolution of cryptocurrency raises a fundamental question: Is it the kind of asset that should be regulated in the same way as other securities?
In the US, the Securities and Exchange Commission (SEC) ...................... To view our full article Click here
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