The question of whether or not a person under the age of 18 can have a cryptocurrency wallet is a complex one that depends on the laws and regulations of the country in question. In general, most countries do not have specific laws regarding the ownership of cryptocurrency by minors, but there are some important considerations to keep in mind.
In the United States, for example, there is no federal law that prohibits minors from owning or trading cryptocurrency. However, many cryptocurrency exchanges and platforms have their own age restrictions, with the majority requiring users to be at least 18 years old to sign up for an account. This is due to the fact that these platforms are subject to federal regulations that prohibit them from doing business with individuals under the age of 18.
In addition, many countries and states have laws that prohibit minors from entering into binding contracts, which could include terms of service agreements for cryptocurrency exchanges or wallets. This means that even if a minor is able to sign up for an account, they may not be legally able to agree to the terms and conditions required to use the platform.
Furthermore, minors are considered as not having the legal capacity to manage their own assets, which means that they may not be able to handle their own private keys and seed phrases, which are essential for accessing the funds in a crypto wallet.
However, some crypto wallets providers do not have any age restrictions, and that is a good opportunity for minors to learn about the cryptocurrency and how to use it, but with proper guidance and supervision from an adult.
In conclusion, while there are no specific laws that prohibit minors from owning or trading cryptocurrency, there are several factors to consider when it comes to minors and crypto wallets. Minors may be prohibited from signing up for an account on a cryptocurrency exchange or platform due to age restrictions, and may not be legally able to agree to the terms and conditions required to use the platform. It’s important for parents or legal guardians to provide guidance and supervision for minors who are interested in learning about and using cryptocurrency.
Generally speaking, when you’re under 18, you can have a cryptocurrency wallet and own cryptocurrencies. But it will be more difficult to buy cryptocurrencies, since exchanges required their users to be over 18. So to acquire a crypto, you will need the help of somebody who is over 18, but to hold it in a wallet, you probably don’t need anybody, depending on your country.
