The past two years have seen spectacular growth in the adoption
of cryptocurrencies.
This has been underpinned by institutional endorsement and
payment firms, including PayPal, Venmo and Revolut, actively adding
cryptocurrencies to their offering. Generational shifts also played
a key role as younger investors flocked to cryptocurrency rather
than the more traditional investments such as gold or
stocks.
The rise of cryptocurrencies, and the role they will come to
play in client portfolios for an increasingly mainstream cohort of
investors, will inevitably mean that tax and estate planning
advisors will need to carefully consider how this particular asset
class operates from both a legal and tax perspective.
