The world of cryptocurrency came about following the introduction of Bitcoin in 2008. In light of the extreme rise of the value Bitcoin (and the thousands of other cryptocurrency options) these investments have become increasingly relevant to family lawyers and we have had to learn to deal with them amongst the various assets to be taken into account.
In January 2022, Law Society guidance (in collaboration with Tech London Advocates) said that ‘…there are (with only slight exaggeration) almost as many definitions of a cryptocurrency as there are cryptocurrencies’. The type of cryptoassets most frequently encountered in family law proceedings are notional payment tokens such as Bitcoin. Cryptoassets, which are themselves capable of subcategorisation to include cryptocurrencies, form part of a broader group of digital assets, including, for example, digital files, digital records and domain names. This article will focus on cryptocurrency in respect of individuals, not businesses.
Read Laura Buchan’s full article in HNW Divorce Magazine Issue 10.
Find out more about Laura in the 60 seconds with Laura Buchan article in HNW Divorce Magazine Issue 10.