In STEP’s Attitudes to Wealth report, research showed that clients are increasingly diversifying into digital assets and other non-traditional investments. STEP has been at the forefront of exploring what this means for professionals operating with clients who hold such assets.
Crypto-assets in particular represent a major change to the types of assets practitioners have traditionally handled. STEP has launched a range of resources focused on digital assets, including a week-long webinar series in January 2026. The series offered a comprehensive exploration of the complex digital assets landscape.
These are the key themes that emerged from the Webinar Week.
Crypto-assets in trusts and foundations: battle of the jurisdictions
Inspired by the STEP publication Crypto Assets in Trusts and Foundations, this webinar was a ‘battle royale’ among eight jurisdictions. Each panellist made the case for why their jurisdiction is the best to hold crypto-assets in through trusts and/or foundations. Jurisdictions represented included: the Bahamas, the United Arab Emirates, Panama, Guernsey, the Cayman Islands, Belgium and Canada.
Attendees heard that advanced economies of the West had much more regulatory certainty but also suffered uncompetitive tax levels and burdensome regulations. Meanwhile, the global financial centres which boast zero taxes and accommodating regulatory regimes were often found wanting in terms of wider ecosystem support.
The evolving landscape of trust and estates disputes involving digital assets
Providing an overview of ‘where we are’ and ‘where we are going’ in terms of crypto-asset regulation, this session focused on the UK, Singapore, the Cayman Islands and the British Virgin Islands.
Each panellist brought attendees up to speed on the crypto-asset landscape in their jurisdiction. Key areas covered included the English law position updated by the Property Act 2025, how to resolve complex family disputes in Singapore and the Virtual Asset Service Provider regimes in offshore jurisdictions.
The location of crypto-assets and its relevance for tax and estate planning
This webinar dealt with the concept of situs in relation to crypto-asset ownership, principally the emergence of legislation and case law, as well as challenges posed by inconsistencies in regulation for cross-border planning.
With traditional assets, the question of situs is usually a simple one. However, it is not so simple with crypto-assets. The panellists talked through the principles of situs before explaining how crypto-assets are defined in select jurisdictions: Portugal, Austria, Switzerland, Germany, the UK and El Salvador. The breadth of expertise on the panel allowed them to provide insights on how these jurisdictions fared in comparison to others.
Each jurisdiction has different, and rapidly evolving, rules around the situs of crypto-assets and how they are defined for tax purposes. The panellists recommended that practitioners do not rely on the assumption that ‘crypto-assets have no location’ and therefore no situs. Advisors need to ensure that all activity relevant for each asset is carefully documented. Many practitioners will have to do this anyway under the new Crypto Asset Reporting Framework being brought in by the OECD.
Why decentralised finance (DeFi)? Understanding DeFi, its potential and impact
In this session, panellists focused on DeFi and what it means for practitioners. Speakers explained how and why DeFi represents a paradigm shift for practitioners in their understanding of concepts like ownership, control and situs.
There are several theoretical concepts practitioners must get to grips with in this new paradigm, as well as new practical uncertainties to address. For instance, questions around what assets clients actually own and how these are valued.
As the popularity of DeFi continues to grow, the industry will become more institutionalised and better understood by both practitioners and governments.
You can watch recordings of all of these sessions and more from STEP’s Digital Assets Webinar Week.
Conclusion
Digital assets, and crypto-assets in particular, are vastly different to conventional assets. They therefore require a degree of technical understanding and the regulatory regimes governing them are diverging across jurisdictions. This poses a new kind of challenge for practitioners. STEP will continue to play its part in providing the necessary resources to help keep practitioners updated, knowledgeable and best able to serve their clients.
STEP’s growing resources focused on digital assets area include videos explaining key terminology, membership of the Digital Assets Special Interest Group (for STEP members only) and a recently launched Digital Assets CPD Learning Course
About the author
Kishan Rana is government affairs executive at STEP. The Government Affairs team manages relationships on behalf of STEP members with governments, regulators and international organisations. His main interests are in learning about public policy and effective advocacy.
