Financial Times: Traditional trust companies refuse Crypto billionaires to establish offshore trusts

According to the Financial Times, an increasing number of high-net-worth individuals who rely on Bitcoin and other cryptocurrencies to accumulate wealth are being rejected by traditional trust companies when seeking to establish offshore trusts for tax and wealth succession arrangements. Trust institutions are primarily concerned about issues related to the verification of the source of funds, potential money laundering risks, extreme asset price volatility, and the loss of private keys.The report states that some trust institutions specializing in serving digital asset clients are taking on this type of business through on-chain analysis and enhanced compliance reviews, but most mainstream trust institutions remain cautious, fearing future legal and reputational liabilities due to the source of cryptocurrency assets or significant devaluation.