CFP Board Issues Crypto Guidelines

The Certified Financial Planner Board of Standards, Inc. (CFP Board) has released a new guide about cryptocurrency-related assets to help CFP® professionals uphold the Code of Ethics and Standards of Conduct (Code and Standards) in their practices.

CFP Board recently issued a Notice to CFP® Professionals Regarding Financial Advice About Cryptocurrency-Related Assets in response to questions about the application of the organization’s Code and Standards to financial advice about cryptocurrencies and other financial assets whose value is tied to cryptocurrencies (collectively “cryptocurrency-related assets”).

The Notice covers topics such as satisfying the duty of competence, the fiduciary duty, the duty to provide information to a client, the duty to comply with the law, and duties when selecting, recommending and using technology. It also addresses considerations that arise under the Financial Planning Practice Standards and discusses how they apply to cryptocurrency-related assets.

“CFP® professionals continually seek a better understanding of what they should consider when providing financial advice to a client. As part of their CFP® certification, they make a commitment to CFP Board to act as a fiduciary when providing financial advice,” said CFP Board CEO Kevin R. Keller, CAE. “Developed with our Standards Resource Commission, this guide on cryptocurrency-related assets is a much-needed addition to our compliance resource library, which is designed to benefit and protect the public by educating CFP® professionals on how to put their clients’ best interests first.”

More compliance resources, including FAQs, videos, fact sheets, case studies and other guidance resources to help CFP® professionals understand and comply with the Code and Standards, can be found at CFP.net/compliance.

Download the Guide to Cryptocurrency.