Crypto Custodian Legacy Trust Launches Digital Asset Pension Plan

Announcements, News | September 4, 2019 By:

Hong Kong-licensed trust and custody company Legacy Trust has announced that it is launching the world’s first digital asset pension plan to give holders regulatory certainty and secure assets.

Legacy Trust provides custody services to institutions, corporations and high net-worth individuals who may be required by law to custody their traditional and digital assets with an independent party like Legacy. The company offers custody services for exchanges, OTC desks, investment firms, hedge funds, and various other professional industry participants.

In a press release, Legacy Trust announced the launch of a voluntary pension plan that will be available to employers and the self-employed, where the contributions and underlying asset portfolio can include digital assets alongside fiat currencies. The pension plan is reportedly fully compliant with Hong Kong regulations and addresses various tax concerns for digital assets holders.

“The pension is funded by voluntary contributions made by an employee, employer or deducted directly from a salary, on a frequency of their choice,” the company said. “It is then paid out when the member retires, or to their beneficiaries should they pass.”

Vincent Chok, CEO of Legacy Trust, said that they envisage that the new product will appeal to businesses who are active in the digital assets space, and who want to offer additional benefits to their employees to retain talent and recognise achievement.

“What better way to drive employee loyalty while allowing valuable staff to participate in the growth of the company and the digital asset space?,” Chok said.