On the back of launching the DBS Digital Exchange late last year, today DBS Private Bank announced it now provides a cryptocurrency trust solution through DBS Trustee.
“Our trust structure allows clients to conveniently hold these assets, with a peace of mind that they will be safely managed and passed on to their intended beneficiaries,” said Joseph Poon, group head of DBS Private Bank. The structure applies to the digital assets that DBS Digital Exchange currently deals with, namely bitcoin, ether, XRP and bitcoin cash.
The move is aimed at addressing the treatment of cryptocurrencies at death. Trust structures are often set up by wealthy clients, who transfer assets to the structure while they’re alive. The trust deed usually outlines how income and capital are distributed to beneficiaries, or sometimes it’s left to the trustees’ discretion. Depending on the country’s tax rules, these sorts of structures can help avoid inheritance tax and defer capital gains tax. It also means details about a person’s wealth don’t become public during the probate process.
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