Bitcoin and other cryptocurrencies have led to enormous wealth being generated, rapidly taking individuals from modest means to the realms of the ultra-wealthy. This almost overnight wealth creation is likely to have a significant impact on the traditional private wealth industry as cryptocurrency holders take steps to protect their assets and will lead to new and innovative wealth structures being created as these seemingly disparate industries converge.
As discussed below, recent developments in this area lead to the conclusion that Cayman Islands (Cayman) trusts and private wealth (TPW) structures are likely to be ideal vehicles for holding cryptocurrencies (an asset class which has quickly gone from fringe to mainstream). The specific structures on offer in this jurisdiction helpfully address many of the practical considerations which are relevant when establishing a TPW structure to hold cryptocurrencies and are supported by highly skilled service providers on island.
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