RATE Group | What happens to cryptocurrency when someone dies?
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What happens to cryptocurrency when someone dies?

21 Oct What happens to cryptocurrency when someone dies?

Posted at 10:14h in Cryptocurrency News by

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HomeNewsWhat happens to cryptocurrency when someone dies?
21 Oct 2019

A few years ago there was a surge in the popularity of Bitcoin. Despite prices plummeting over the last couple of years, more and more people are still investing in cryptocurrency. Cryptocurrency is an online currency and there is often confusion about the legal status of such currency.

As of August 2018, there were more than 1,600 types of cryptocurrency, with Bitcoin being the largest. Cryptocurrency is made up of a bundle of rights, therefore is cryptocurrency actually property you own? HMRC published guidance in December 2018 stating that cryptocurrency is included when calculating your inheritance tax bill.

You can be taxed on cryptocurrency but when it comes to your beneficiaries actually claiming that cryptocurrency there are logistical and legal issues to be taken into account.

What jurisdiction is the cryptocurrency located in and therefore which laws govern its succession? Who manages the online access,…

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