Top 10 Crypto & Digital Asset Trends – Ben Lee, Andersen Tax

Date: 08 Oct 2025

Karen Jones

This week’s Top 10 Crypto & Digital Asset Trends is dedicated to Ben Lee, Partner at Andersen Tax.

What’s your current assessment of the digital asset market, and how is macroeconomic or regulatory uncertainty affecting sentiment among private wealth clients?

The digital asset market in 2025 is showing remarkable resilience in the face of global economic volatility. Inflationary pressures, fluctuating interest rate policies and ongoing geopolitical uncertainty have all weighed on traditional asset classes, yet digital assets have continued to establish themselves as a credible part of the investment landscape. For private wealth clients, sentiment has matured significantly. Rather than being driven by short-term hype, conversations are now focused on governance, risk, and long-term positioning. That said, regulatory uncertainty remains a persistent headwind. The UK has been slow to provide the clarity that investors and advisors need, which dampens confidence compared with regions that are moving more decisively.

How are recent policy changes in the US, EU, or Asia influencing crypto adoption or caution in the private client space?

Policy developments across major jurisdictions have been pivotal in shaping private client attitudes. In the US, the approval of spot Bitcoin and Ethereum ETFs has been a landmark step, giving digital assets legitimacy in the eyes of many wealthy families. At the same time, inconsistent enforcement continues to create caution. In Europe, the MiCA framework has begun to set a global benchmark by creating a clearer compliance path for investors. Meanwhile, Asia has emerged as a hotspot of innovation, with Hong Kong and Singapore competing to attract institutional capital and provide regulatory certainty. For private clients, these moves send strong signals. In jurisdictions where regulation is coherent and supportive, adoption is rising, whereas in the UK the lack of clarity still causes hesitation.

What role are digital assets currently playing in the portfolios of HNWIs and family offices, speculative, hedging, or strategic?

Digital assets are no longer being treated as a monolithic exposure. Among private clients, we see a spectrum of approaches. Some still engage with crypto on a speculative basis, seeking short-term opportunities. Others are using it as a hedge against monetary debasement, viewing it as a modern parallel to gold. The most sophisticated families are now allocating strategically, incorporating digital assets as part of a long-term diversification plan that sits alongside venture capital and private equity. For these ultra-high-net-worth investors, the motivation is not simply chasing returns but aligning themselves with the broader innovation economy.

How are wealth managers integrating crypto and blockchain-based products into diversified portfolios for their clients?

Wealth managers are moving carefully but are increasingly open to integration. The preference is often for access via regulated fund products, structured notes, or professionally managed vehicles rather than direct exposure to tokens. Beyond this, there is growing experimentation with blockchain infrastructure itself. Tokenised funds, real estate, and debt instruments are gradually entering the wealth management conversation as tools for diversification. While we are still early in terms of mainstream adoption, the willingness of private banks and multi-family offices to explore these options signals a clear direction of travel.

Are there specific tokens, protocols, or segments (DeFi, stablecoins, real-world assets) that you see gaining traction among private investors in 2025?

Stablecoins continue to serve as an essential bridge between traditional finance and the digital economy, offering efficiency in settlement and liquidity management. Real-world asset tokenisation, particularly in private credit and property, is gaining significant traction as clients look for yield in a low-growth environment. We are also seeing selective engagement with DeFi protocols, but only those that prioritise compliance and security, which resonates with investors who would previously have dismissed DeFi as too risky. Beyond these, there is a measured but growing interest in Layer-2 scaling solutions where the utility is evident and the technology is solving genuine market inefficiencies.

How do you see the evolution of ESG frameworks and sustainability intersecting with blockchain and digital assets?

The ESG debate around digital assets has evolved considerably. Once dominated by concerns over the energy intensity of mining, the focus is now shifting toward blockchain’s potential to enhance transparency and accountability. Family offices with sustainability mandates are increasingly exploring the use of blockchain in areas such as tokenised carbon credits, proof-of-impact models, and supply chain verification. These innovations offer the promise of raising ESG reporting standards to new levels. Of course, there is a real need to avoid greenwashing and ensure that projects meet the same scrutiny applied to traditional ESG/sustainability investments, but the direction of travel is positive.

What are the key risks private clients should be aware of in crypto markets, and how can advisors mitigate them?

There are several key risks that private clients must recognise, from regulatory uncertainty and custody vulnerabilities to illiquidity in specific assets and the reputational fallout of poorly governed projects. Advisors play a critical role in mitigating these risks. That means directing clients towards institutional-grade custody solutions with proper insurance and segregation of accounts, treating allocations with the same discipline as illiquid venture capital, and curating access only to credible, well-governed projects or regulated products. Education is also fundamental. By stripping away jargon and ensuring decisions are grounded in each client’s risk appetite, advisors can help clients participate in the market with confidence rather than fear.

Have expectations changed in terms of custody, access, or transparency in crypto wealth management solutions?

Expectations have risen sharply. Ultra-high-net-worth individuals and trustees now demand institutional custody with insurance cover, segregated accounts, and full audit trails. Transparency on pricing, fees, and counterparties is non-negotiable. The era of do-it-yourself wallets is largely over for serious wealth clients. Professionalised, regulated solutions are now the minimum standard, and this shift has elevated the overall level of confidence among families who would otherwise have remained on the sidelines.

In what ways are you seeing private banks or trustees adapting to the inclusion of digital assets in estate planning and fiduciary conversations?

Estate planning is one of the fastest-evolving areas of digital asset wealth management. Trustees and private banks are increasingly engaging with custody providers to ensure continuity of access, while also beginning to draft frameworks for digital asset trusts. Governance is at the heart of these discussions, with the priority being to ensure that executors can access assets securely while respecting the intentions of the client. There is also early-stage exploration of smart contracts to automate aspects of digital inheritance, though in practice this remains nascent. The key point is that what was once a theoretical conversation is now becoming highly practical.

What innovations or infrastructure developments (e.g. tokenization, ETFs, compliance tools) do you believe are most important to the future of crypto in private wealth?

The future of digital assets in private wealth will be defined by innovations that connect the crypto ecosystem to established financial frameworks. Tokenisation of traditional assets such as real estate, credit, and funds is creating opportunities for liquidity and fractional ownership that were previously unimaginable. The introduction of regulated ETFs and fund structures is providing safer and simpler entry points for families who want exposure without complexity. At the same time, compliance and tax reporting tools are emerging as essential, particularly for cross-border families with multi-jurisdictional obligations. Ultimately, the trajectory of crypto in private wealth will be shaped by infrastructure that integrates digital assets seamlessly into fiduciary and regulatory systems. This is what will transform them from a niche allocation into a mainstream component of sophisticated portfolios.

Ben Lee’s Citywealth Leaders List profile

Andersen’s Citywealth Leaders List profile

Subscribe to the Citywealth Weekly Newsletter to learn more about Private Wealth Management.

Read more:

Top 50 Crypto Professionals 2024 | Citywealth Top List

Andersen bolsters private client tax practice with new partner | Citywealth News

Citywealth crypto club news update

Andersen on drop in prosecutions of tax evasion enablers

Estimated reading time: 7 minutes

• Leaders List interview: 60 seconds with Lee Hart, Saffery Trust Cayman
• Citywealth speaks to Kevin Lee, partner in Hong Kong at law firm Stephenson Harwood
• Andersen bolsters private client tax practice with new partner
• Miles Dean, Andersen, comments on Sunak publishing his tax affairs
• Law Commission releases digital assets report