A Guide to Cryptocurrency and other Digital Assets for Family Lawyers – 5 programs

Program 1: Introduction to Cryptocurrency and Blockchain Technology

Struggling to understand the difference between blockchain, cryptocurrencies and the metaverse? As clients increasingly turn to digital innovations, it has never been more important for their advisers to improve their digital literacy. This introductory session demystifies key terms and fundamentals involved with digital assets, including:

• Introduction to key terms:
  • Blockchain and decentralised ledger technology
  • Cryptocurrency
  • Bitcoin
  • Wallets
  • Metaverse and web 3.0  
• Understanding the underlying technology
• Treatment of passwords
• What happens to ‘lost’ cryptocurrency?  

Program 2: Deep Dive into the Cryptocurrency Market

Cryptocurrencies are exploding in popularity, with clients increasingly needing assistance with crypto matters. This session explores the current cryptocurrency market to help get you up to speed in this rapidly evolving area. It covers:

• Types of cryptocurrencies
• What is cryptocurrency trading and how does it work?
• How do you buy and sell cryptocurrency?
• Staking in Cryptocurrency
  • what is it and how does it work?
  • types of staking
  • what are the risks
• How and why clients are using cryptocurrencies
• Using the correct platforms and mediums when investing

Program 3: Non Fungible Tokens Explained

NFTs are well and truly in the mainstream, from the finance sector to the arts, and come with significant hype. However, despite the buzz, there remains confusion around how exactly NFTs work. This session explores what NFTs are, how they operate, and how they’re being used. It covers:

• Defining NFTs
• How do NFTs differ to other digital assets?
• How are they applied in practice?
• How are NFTs created, bought and sold?
• The future of NFTs

Program 4: Blockchain and the Legal Landscape

The rapid growth of digital assets and blockchain is one of the most disruptive innovations to impact business in recent years. How has the law responded? This session examines the current legal framework impacting blockchain technologies, including: 

• Is it an asset or security?
• Are new cryptocurrencies financial products under the Corporations Act?
• Making and requiring payments in crypto
• Initial coin offerings and their regulatory framework
• How is the market regulated locally and abroad?
• AML issues with digital assets 
• Future legal reforms on the horizon

Program 5: Cryptocurrencies and Property Settlements in Family Law

An important step in property settlement proceedings is determining the wealth of the parties. However, with the emergence of cryptocurrencies, it has become increasingly difficult to ascertain whether the parties have engaged in full and frank disclosure. This session explores the key issues, including:

• How to locate cryptocurrencies and other intangibles
• Ascertaining ownership
• How are these types of digital assets valued? Dealing with volatility in value
• Steps to take if you suspect the other party owns cryptocurrency which has not been declared
• Can cryptocurrency be treatment as a notional addback?
• Lessons from recent cases