What is Cryptocurrency?
Cryptocurrency (Crypto) is a virtual currency or a “digital asset” that was originally designed to work as a medium of exchange, much like the Australian dollar.
Do I need to declare Crypto to my Bankruptcy Trustee?
Yes. Like any other asset, a Bankrupt must disclose ownership or interest in Crypto to the Trustee of their Bankruptcy. Failure to disclose may constitute an offence under the Bankruptcy Act 1966 (Cth) (Bankruptcy Act).
How does a Bankruptcy Trustee identify Crypto assets?
Ownership or interests in Crypto is more difficult to identify than traditional cash assets, however there are companies that specialise in tracing Crypto assets. Because crypto is recorded on a publicly available…
