"Do you accept crypto?" – Demystifying cryptocurrency in yacht transactions – Shoosmiths legal updates

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A webinar hosted by Shoosmiths in collaboration with Asset Reality.
According to a recent survey, what percentage of millennial millionaires own cryptocurrency?
According to a recent study conducted by CNBC, 83% percent of millennial millionaires own cryptocurrency with over half having at least 50% of their wealth in cryptocurrencies.
https://cointelegraph.com/news/new-survey-reveals-83-of-millennial-millionaires-now-own-crypto
1. What is the difference between cryptocurrency and fiat currency? [4:35]
https://www.investopedia.com/terms/c/cryptocurrency.asp
2. What could a yacht broker do now to prepare for a crypto future? [8:47]
https://academy.chainalysis.com/page/learn-cryptocurrency
https://cointelegraph.com/news/85-of-merchants-see-crypto-payments-as-a-way-to-reach-new-customers-survey
3. If a broker was interested in cryptocurrency, should they accept it themselves or use a third-party? [11:23]
https://www.pymnts.com/wp-content/uploads/2022/06/PYMNTS-Paying-With-Cryptocurrency-June-2022.pdf
4. How long do you think before cryptocurrency becomes more prevalent in the luxury asset space? [16:34]
5. If funds are immediately converted to sterling, is this not “crypto-washing”? [19:25]
6. How can a broker be assured that the cryptocurrency it accepts is clean and secure? [22:29]
7. What kind of uptake do you foresee in the luxury asset market and as a payment method generally? [25:12]
https://www2.deloitte.com/content/dam/Deloitte/us/Documents/technology/us-cons-merchant-getting-ready-for-crypto.pdf
How many attendees think businesses should accept crypto as a payment method?
90% of attendees indicated that businesses should accept cryptocurrency as a payment method.
8. What does the payment journey look like for a client paying in crypto?
For most businesses, using a third-party payment service will be like accepting any foreign currency. The third-party will accept the cryptocurrency and convert it to the receiver’s native currency. As with foreign currencies, it might be that the exact price is fixed close to payment to ensure no parties are adversely affected by price fluctuations.
9. Should a broker have crypto reserves?
Unless a broker is handling cryptocurrency directly, this is almost certainly unnecessary and could potentially leave a business exposed to price fluctuations.
This information is for educational purposes only and does not constitute legal advice. It is recommended that specific professional advice is sought before acting on any of the information given. © Shoosmiths LLP 2022.
Head of Luxury Asset Group
Head of Luxury Asset Group
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A webinar hosted by Shoosmiths in collaboration with Asset Reality. Hosted by: Elliot Bishop (Shoosmiths), Callum Larkin (Shoosmiths) and Aidan Larkin (Asset Reality).
 

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Post expires at 1:56am on Friday March 24th, 2023

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