Crypto traders might not like it, but there are plenty of reasons to regulate Bitcoin and all its brethren. The nature of digital money gives governments around the world plenty of headaches, and many of them have started enforcing regulations against Bitcoin and altcoins. The main worries are related to illegal activities, money laundering, and tax evasion powered by cryptocurrencies.
It turns out that some crypto fans may soon ask for a particular type of regulation themselves, laws that protect their digital assets in case of a divorce. In the UK, a divorcing couple right now is quarreling over a stash of coins worth some $830,000. And there are no laws for it.
According to Business Insider, UK law firm Royds Withy King is currently advising no less than three divorce cases that involve cryptocurrency. The spouses are “seeking the disclosure and a potential share of cryptocurrency assets.” But no laws are governing such cases.
Only one of them, however, stands out, because of the value of the couple’s crypto stash. The husband invested £80,000 ($110,000) in cryptos, which are now worth £600,000 ($830,000). Did I say there are no laws to guide divorce lawyers in such matters?
However, the lawyers expect the number of cases to increase in the future. “These are the first cases we have seen, and we expect to see many more, Royds Withy King partner Vandana Chitroda said. “We believe that cryptocurrencies will be a significant feature in a large number of divorces. Whilst cryptocurrencies are volatile, they are not going to go away. It is important that if you believe your husband or wife has invested in or purchased cryptocurrencies, such as Bitcoin, and you are separating, you tell your legal adviser.”
You were warned.