“Crypto Last Will and Testament” is now available in Italy

Two Italian lawyers have applied to the Ministry of Economic Development to register the trademarks “Crypto Testament” and “Crypto Will.”

  • A service for recovering bitcoins after the owner’s death.
  • This is a system meant to ensure that the deceased’s Bitcoin and cryptocurrency assets are not lost.

 

In fact, in many circumstances, it is difficult to recover tokens held on proprietary wallets for which only the dead possessed the seed and private keys. This is a far more typical occurrence than most people realise, and millions of BTC have been lost as a result.

Crypto Wills aims to overcome the problem by introducing the figure of the Crypto Executor, who will function as guarantors for both the maker of the will and the heirs. They are, in fact, professionals with technical-legal expertise, trustworthiness derived from participation in the register, and mandatory professional insurance.

 

Rocco Greco of Montichiari and Gianluca Bertolini of Trapani are the two lawyers behind this solution.

They have collaborated on a mechanism that provides for the administration of ownership transfer in the event of the death of the token owner, even if they vanish without having declared ownership of the digital currencies.

 

Crypto Execution’s Objectives

The objectives of Crypto Executor and Crypto Will also include resolving issues with token recovery when the owner dies without informing the heirs of the existence of cryptocurrencies in the inherited asset. Another issue arises when a cryptocurrency owner dies with a testamentary bequest specifying that the tokens be distributed among numerous heirs, because in these circumstances, the heirs must cope with delicate fiscal, legal, and practical difficulties not addressed by Italian jurisprudence.

 

According to a recent poll conducted by Corriere della Sera, 18 percent of Italians possess Bitcoin or other cryptocurrencies, and legal complications with token inheritance are common.

Rocco Greco, an attorney, says:

 

“The Italian legislator cannot continue to leave a dangerous regulatory vacuum, leaving judges with the difficult burden of interpreting and applying rules by analogy for the rest of their lives.”

 

With the rise in cryptocurrency holders, many sectors of law, particularly commercial and inheritance law, will be affected by their weight, particularly economic. Many bitcoin owners (even though the vast majority are under 40) may die at some point, causing all of the legal – succession issues that come with it. As a result, Crypto Will and Crypto Executor could be a fantastic alternative.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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