Virginia Legal Ethics Opinion 1898 Cryptocurrency

[kuldeep]

What does Virginia Legal Ethics Opinion 1898 say about cryptocurrency? I’m trying to understand how this opinion impacts lawyers, ethical obligations, and the acceptance or handling of cryptocurrency in legal and professional practices.

 

[OlivaRock]

In essence, Opinion 1898 states that Virginia attorneys are permitted to take cryptocurrency, but it is not a cash payment but like property, and thus you have to deal with volatility, you have to seek informed consent with the client, and you have to deal with it accordingly under trust and accounting laws.

 

[Oscar]

Virginia Legal Ethics Opinion 1898 Cryptocurrency (2022): Lawyers are free to accept cryptocurrency as an advance fee towards legal services, although the fee should be reasonable and fully disclosed in writing, the lawyer should provide the client with independent counsel advice, written consent, and reasonable security measures according to the ethical rules.

 

[Olowricha]

LEO 1898 was adopted in 2022 and allows lawyers in Virginia to accept cryptocurrency as payment of legal fees. It categorizes any advanced payments as business transactions (Rule 1.8a) and safekeeping as property (Rule 1.15).

 

[Daxton]

Virginia Legal Ethics Opinion 1898 clarifies that lawyers may accept cryptocurrency as payment for legal fees, provided they comply with trust accounting rules, ensure fee reasonableness, manage volatility risks, and follow all ethical and professional responsibility requirements.