Yesterday Dubai’s DIFC Innovation Hub unveiled a new initiative involving Euroclear and Swiss private bank Julius Baer. The aim is to explore digital asset estate planning. Given many digital assets are bearer instruments, if someone passes away, access to the keys to unlock their tokenized assets could be a challenging issue.
“By validating and unlocking the benefits of smart contracts we have the potential to redefine the narrative of wealth management, creating solutions that could span generations,” said Philippe Laurensy, Head of Group Strategy, Product Management and Innovation at Euroclear.
Passing along keys and related issues are just some of what the group plans to explore. For example, many people might fail to include digital assets in their will. During the next decade, $1 trillion in assets are expected to pass to the next generation in the Middle East. Apparently, less than a quarter of high net worth individuals have a full estate plan in place.
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