Key Takeaways
- • Zann Kwan, managing partner and chief investment officer of Revo Digital Family Office, argues that family offices (FOs) should embrace digital assets as part of prudent diversification, framing the sector as an education gap rather than a fundamental flaw.
- • A Goldman Sachs report cited in the interview found that 32 per cent of 166 surveyed FOs currently hold digital assets, while the share of FOs not invested and not interested in digital assets rose from 39 per cent to 62 per cent.
- • Kwan said that less than 1 per cent of the annual $3.2 trillion in illegal activity in the global monetary system is attributable to cryptocurrencies, citing reports from the United Nations, World Economic Forum and Cryptanalysis.
- • Revo Digital Family Office is expanding into Korea and Thailand, with Kwan citing that more than 12 per cent of the Thai population holds cryptocurrency.
- • Kwan is working with the Singapore University of Social Sciences on accepting crypto donations, pointing to lower costs versus cash or in-kind giving.
Summary
Zann Kwan, managing partner and chief investment officer of Revo Digital Family Office, outlined her view that digital assets will become a standard consideration for family offices in an interview published by The Peak Magazine. Kwan, who previously served as CEO and co-founder of Bitcoin Exchange, which launched Asia's first public Bitcoin vending machine in February 2014, began her career in real estate auditing and investment roles at Arthur Andersen, KPMG, The Andalex Group and the Government of Singapore Investment Corporation before turning to digital assets. She describes her role as a bridge between traditional finance and digital assets for family offices.
Kwan said investor sentiment on digital assets is polarised and that education is the main barrier. She cited a Goldman Sachs report, "Eyes on the Horizon: Family Office Investment Insights," which found that 32 per cent of 166 surveyed family offices hold digital asset investments. Among family offices already active in the ecosystem, the share that has become more decisive on cryptocurrencies rose from 16 per cent in 2021 to 26 per cent. However, the report also found the share of family offices neither invested nor interested in digital assets rose from 39 per cent to 62 per cent, and the proportion expressing future interest fell from 45 per cent to 12 per cent.
On money laundering, Kwan said that after a reported $2.8 billion money laundering case involving possible China-linked family offices was disclosed in the Singapore parliament, she checked accounts managed by Revo Digital Family Office and Raffles Family Office and found none involved. She argued that KYC processes for digital assets are more sophisticated than those for cash and that most crypto transactions on public chains are traceable. She also cited the figure that less than 1 per cent of the annual $3.2 trillion in illegal activity in the global monetary system is due to cryptocurrencies, attributing it to reports from the United Nations, World Economic Forum and Cryptanalysis.
Kwan pointed to Revo's expansion plans in Korea and Thailand, citing Thai Securities and Exchange Commission rules for digital asset licences and tokens, and stating that nearly 30 per cent of global crypto trading is powered within the Korean market. She is also working with the Singapore University of Social Sciences on how charities can accept crypto donations, noting lower costs relative to cash or in-kind donations. She referenced the Monetary Authority of Singapore's philanthropy tax incentive scheme, which allows qualifying donors to claim 100 per cent tax deductions for overseas donations made through qualifying local intermediaries. Kwan said regulatory hurdles are limited and that governance is the main concern.
Kwan said investor sentiment on digital assets is polarised and that education is the main barrier. She cited a Goldman Sachs report, "Eyes on the Horizon: Family Office Investment Insights," which found that 32 per cent of 166 surveyed family offices hold digital asset investments. Among family offices already active in the ecosystem, the share that has become more decisive on cryptocurrencies rose from 16 per cent in 2021 to 26 per cent. However, the report also found the share of family offices neither invested nor interested in digital assets rose from 39 per cent to 62 per cent, and the proportion expressing future interest fell from 45 per cent to 12 per cent.
On money laundering, Kwan said that after a reported $2.8 billion money laundering case involving possible China-linked family offices was disclosed in the Singapore parliament, she checked accounts managed by Revo Digital Family Office and Raffles Family Office and found none involved. She argued that KYC processes for digital assets are more sophisticated than those for cash and that most crypto transactions on public chains are traceable. She also cited the figure that less than 1 per cent of the annual $3.2 trillion in illegal activity in the global monetary system is due to cryptocurrencies, attributing it to reports from the United Nations, World Economic Forum and Cryptanalysis.
Kwan pointed to Revo's expansion plans in Korea and Thailand, citing Thai Securities and Exchange Commission rules for digital asset licences and tokens, and stating that nearly 30 per cent of global crypto trading is powered within the Korean market. She is also working with the Singapore University of Social Sciences on how charities can accept crypto donations, noting lower costs relative to cash or in-kind donations. She referenced the Monetary Authority of Singapore's philanthropy tax incentive scheme, which allows qualifying donors to claim 100 per cent tax deductions for overseas donations made through qualifying local intermediaries. Kwan said regulatory hurdles are limited and that governance is the main concern.
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