Crypto Attractive to Family Offices But Regulatory Clarity Needed: Survey
Over 130 family office professionals surveyed noted a 90% client interest in crypto, a finding at odds with Goldman Sachs earlier this month
Thanakorn.P/Shutterstock, modified by Blockworks
Family offices across the globe are showing heightened interest in digital assets, a new study commissioned by Ocorian, a global provider of services to high-net-worth individuals, has found.
Though those same individuals struggle to find the necessary support to navigate regulatory and reporting obligations, according to a statement on Thursday.
The study, which included 134 family office professionals managing around $62.4 billion in assets, found 90% of participants had noticed a client-driven push to include crypto in their investment strategies.
Ocorian’s findings provide a contrast to a recent Goldman Sachs survey, which suggested that the interest in crypto has plummeted among family offices. The Goldman Sachs report indicated that those with no interest in the crypto sector had increased from 39% to 62% over the last two years.
A company spokesperson told Blockworks they were unsure why the results of each study varied wildly, though they suggested it may be due to differences in questions posed.
Independent research firm PureProfile, which was tapped by Ocorian to carry out the research, did not immediately respond to Blockworks’ request to clarify the divergence in its findings.
“The growing interest in crypto assets among high-net-worth individuals and family offices is undeniable,” Amy Collins, Ocorian’s family office head, said.
Though, she expressed concern about the lack of adequate regulatory and reporting support, a challenge identified by 80% of family offices and high-net-worth individuals surveyed.
That included concerns about differing tax regimes for digital assets across various jurisdictions. Collins also emphasized the need for these offices to access the right expertise, acknowledging the high-risk nature of the asset class.
Katherine Ng, managing director of TZ APAC, a Singapore-based team focused on the adoption of the Tezos blockchain, told Blockworks there is a notable shift in the landscape of fund management solutions, particularly with the emergence of a new wave of family office investors.
“The key driving force behind this trend is the Gen Z cohort, whose wealth is not confined to banks but is rather diversified across stablecoins, cryptocurrencies and NFTs,” she said.
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