Key Takeaways
- CZ emphasizes the need for crypto platforms to implement inheritance features for digital assets.
- Regulatory frameworks should allow minors to hold accounts to receive inherited crypto assets.
Binance co-founder Changpeng “CZ” Zhao has called for crypto platforms to implement ‘will function’ — a built-in feature that allows users to designate beneficiaries for their digital assets in the event of their death.
“This is a topic people avoid, but the fact is, humans cannot live forever yet. Every platform should have a ‘will function’—so that when someone is no longer around, their assets can be distributed to designated accounts according to specified proportions,” Zhao posted on X.
Minors should be allowed to become account holders, although with trading restrictions, to enable them to inherit funds, the former CEO of Binance added.
“It’s a feature everyone (who has assets on a platform) will need once. Self-custody requires quite a bit more setup to get this right,” Zhao noted.
His statements came in response to an X user’s post that praised Binance’s recent upgrade enabling emergency contacts and inheritance applications.
“In April, I mentioned in a tweet that every year, people around the world die in accidents, and over $1 billion worth of crypto assets are left in the hands of centralized exchanges. I didn’t expect that Binance recently updated the emergency contact function, and would have the right to choose to submit an inheritance application,” said the X user. “I hope other exchanges will also speed up the introduction of this function.”
Source: https://cryptobriefing.com/crypto-inheritance-tools-platforms/