Technical competence required, board says
Attorneys must guard against property loss
Ohio attorneys can accept and hold cryptocurrency in escrow for clients and third parties, but they must take steps to protect it and avoid getting involved in money laundering and other fraud, the state’s professional conduct board said.
Many international clients prefer using cryptocurrency for business transactions, according to the Ohio Board of Professional Conduct. But financial institutions don’t accept or exchange the currency, which means a lawyer can’t place it in his or her trust account, the board said.
Because cryptocurrency is treated as property, it can be held by a lawyer for clients or third parties as it relates to representation or law-related business, according to the board. The board’s opinion doesn’t apply to attorneys’ fees, it said in a footnote.
Attorneys who accept cryptocurrency must be aware of the risks associated with the technology, and they must “use reasonable care...
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