Accountant in Bankruptcy (AIB) assessment of cryptocurrencies and digital assets: FOI release

Information requested

1. How many applications to the Debt Arrangement Scheme have included a mention holding cryptocurrencies as an asset?

2. How many of these applications to the Debt Arrangement Scheme have been successful?

3. Can you also give me any further information on how the Scottish Government regards cryptocurrencies and digital assets like NFTs when assessing the state of someone’s debt?

Response

1. How many applications to the Debt Arrangement Scheme have included a mention holding cryptocurrencies as an asset?

2. How many of these applications to the Debt Arrangement Scheme have been successful?

While our aim is to provide information whenever possible, in this instance the Accountant in Bankruptcy does not have the information, detailed above, that you have requested. This information is not required by us in order to make a decision on a Debt Arrangement Scheme (DAS) Debt Payment Programme (DPP).

This is a formal notice under section 17(1) of FOISA that the Scottish Government does not have the information you have requested

3. Can you also give me any further information on how the Scottish Government regards cryptocurrencies and digital assets like NFTs when assessing the state of someone’s debt?

If we were aware of the asset then we must take the asset into account when making the decision on the DPP as per Regulation 25(2)(j) in The Debt Arrangement Scheme (Scotland) Regulations 2011, if the case requires a decision under the Fair and Reasonable test criteria. In the administration of bankruptcies and Protected Trust Deeds, cryptocurrency and digital assets would be treated in an identical manner to other assets that vest with or are conveyed to the trustee.

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