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A family law guide to digital assets

Date:3 APR 2022
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Ben Lee, PKF Francis Clark 
Tim Whitney, Mills & Reeve

Cryptocurrency is everywhere. Bitcoin, the first cryptocurrency, was valued at $1 in April 2011. Today the price of a bitcoin could be anywhere between £25,000-£40,000, the value is changing by the second. In 2022, there are now over 16,000 different cryptocurrencies; the total market cap of crypto peaking in November 2021 at $3tn. Millionaires have been made overnight and due to the increasing use of blockchain technology (the technology that allows cryptocurrencies to exist) the landscape is constantly evolving. Value can now be transferred digitally without intermediary oversight and wealth can be elevated using decentralised systems. Digital assets present previously unwitnessed financial implications and considerations for the family court. Crypto expert Ben Lee and family lawyer Tim Whitney dive into the very roots of blockchain and cryptocurrency in order to explain how digital assets have value, how assets are acquired, held and transferred, and what on earth a non-fungible token (NFT) is. This article explores the fundamentals as well as the practical considerations for the family lawyer dealing with digital assets.

 


 

The full article will be published in the April issue of Family Law

 

 

Find out more or request a free 1-week trial of Family Law journal. Please quote: 100482.

 

 

 

 

 


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