A study has unveiled that a notable proportion of crypto
millionaires globally are not only risking their personal information but also
lacking a fundamental understanding of crucial procedures regarding asset
transfer and KYC (Know Your Client) regulations. The study was conducted by
Owner.One, a company specializing in asset management and inheritance planning.
Analyzing data from 8,000 families across 18 countries
spanning Africa, the Middle East, Asia, the EU, the UK, and North America,
Owner.One uncovered alarming trends contributing to the accumulation of
hundreds of millions of dollars in unclaimed cryptocurrency assets globally.
Shockingly, in 91% of cases involving the transition from
fiat currency to cryptocurrency and back, there is a disruption of ownership
continuity, leading to complications in asset management and access. Despite
the critical nature of safeguarding asset-related data, 87% of respondents are
unaware that once this information is lost, crypto assets become unrecoverable.
This lack of awareness has resulted in a staggering 23.7% of
all crypto assets on the market being unowned. A mere 7% of clients utilizing
crypto payment services show any interest in understanding the risks associated
with ownership continuity before engaging in transactions.
KYC Ignorance Threatens Future Generations
Nearly half 42.8% of capital founders and a staggering 88%
of their family members, including children, are unfamiliar with KYC
regulations, indicating a significant gap in understanding and compliance
