Navigating the Growing Use of Cryptocurrency in Property Transaction Chains Image

Author: Nicholas Gomez

As a law firm with a rich history in providing conveyancing services since 1988, Charles Gomez & Company have witnessed the evolution of property transactions over the decades.


Last month marked a significant milestone in our practice, as we successfully represented a client who utilised cryptocurrency holdings to purchase a property in Gibraltar.


This transaction not only highlights the ever-growing influence of digital currencies but also underscores the need for legal services to adapt and cater to the widespread use of cryptocurrency within the chain of major transactions, such as the purchase of a house.


The property in question, valued at approximately £300,000, was acquired by our client through the liquidation of cryptocurrency assets.


While the vendor was not willing to accept cryptocurrency directly, our client engaged a third-party intermediary to convert the digital assets into pounds sterling.


This conversion process ensured that the transaction adhered to traditional financial norms, facilitating a seamless exchange of ownership.


Our role in this transaction was comprehensive and multifaceted. Our team conducted rigorous source of funds and Anti-Money Laundering (AML) checks to ensure compliance with legal standards and safeguard the integrity of the transaction.


This meticulous approach not only protected the interests of our client and the vendor but also reinforced our commitment to upholding the highest standards of legal practice.


As the use of cryptocurrencies continues to surge, we anticipate that such transactions will become increasingly commonplace.


The decentralised and borderless nature of digital currencies presents a unique opportunity for individuals to leverage their crypto holdings in ways previously unimaginable.


For property buyers, this means a broader range of financial options and greater flexibility in managing their investments.


However, the integration of cryptocurrency into real estate transactions also presents several challenges.


The volatility of digital currencies, regulatory uncertainties, and the necessity for reliable intermediaries are factors that require careful consideration.


At Charles Gomez & Company, growing team are prepared to navigate these complexities and provide our clients with the expertise and support needed to capitalise on crypto assets used for property purchases.


Moving forward, we are committed to staying abreast of developments in the digital currency landscape and continuously enhancing our services to meet the evolving needs of our clients.


For individuals considering making use of their cryptocurrency holdings for property acquisition, Charles Gomez & Co now offers a comprehensive suite of services designed to facilitate a smooth and secure transaction.


From conducting thorough AML checks to liaising with intermediaries and ensuring regulatory compliance, our team is dedicated to providing unparalleled support and guidance.


The convergence of cryptocurrency and real estate is poised to become standard practise within the property market.


As it gains momentum, Charles Gomez & Co stands ready to assist clients in overcoming the challenges this of this relatively new frontier, leveraging decades of experience and our forward-thinking approach to deliver exceptional conveyancing services.

If you need legal advice, you can reach out to me directly at nick@gomezco.gi or speak to our conveyancing team at property@gomezco.gi / +350 200 74998 


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