Real estate transactions using any kind of cryptocurrency can be a possible red flag to authorities. National Crime Agency’s Senior Investigating Officer, Nigel Leary remarks follow an offer by developer Nick Candy to take payment for a London penthouse property utilizing cryptocurrency.
Property Developers Beware
A senior law enforcement figure has poured cold water on the growing number of property developers and estate agents who say they’ll take Bitcoin (BTC) as payment for properties.
Nigel Leary, a **National Crime Agency** director, states he has ‘serious concerns about cryptocurrencies being used to buy property due to their popularity with organized crime syndicates to launder money.
Those planning to spend their cryptocurrency on the property also face a nervous legal, lender, and estate agency community.
Real Estate – Tricky When Cryptocurrency Is Involved
Jeff Peters, a cryptocurrency millionaire who earlier this year tried to buy a house for 1 million Euros. He was advised by his lawyer to hire a forensic accountant to prove that his profits were clean.
Speaking to The Times newspaper, Leary’s comments follow an offer by high-end developer Nick Candy to accept payment via the two leading cryptocurrencies – Ethereum (ETH) and Bitcoin (BTC) – for a £175 million penthouse he is selling within the One Hyde Park development in Knightsbridge.
Leary says he is ‘highly sceptical’ of those paying for high-value items such as property. This is because the advantage of doing so is to hide the identity of the buyer; not to mention the source of their wealth.
He also states that, until proper regulation of cryptocurrencies is brought in; checks on transactions made using currencies like bitcoin should be made. Candy’s fondness for cryptocurrency is not unusual. Estate agency PropertyVine recently announced it would accept bitcoin for payments. While online lettings agency Mashroom, which also operates Emoov, said it would take rental payments in bitcoin too.
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