Natasha Southam, Senior Associate in the Private Client team, wrote an article that has been published in EPrivateClient exploring the rise of crypto-millionaires and the legal framework surrounding cryptocurrency, She also offers advice on how to best mitigate the risks associated with the market.
“Engaging specialist advisers who understand the complexities of cryptocurrencies, is vital to keep abreast of market developments, mitigate the risk of losses and adhere to reporting and tax obligations.
The onus is on the individual to keep records – it is vital that updated inventories and access details are retained. Please see HMRC’s advice as to record keeping specific to cryptocurrencies.
Secure wallet storage and access details is crucial to ensure that cryptocurrencies of potential value are not lost/inaccessible either by the owner or on their death. Specialist companies now provide kits for storing seed phrases/passwords.”
Read the full piece here: EPrivateClient – The rise of the crypto-millionaires (paminsight.com)