"Virginia's new law mandates that cryptocurrency held in customer accounts showing no activity for five years will be presumed abandoned and transferred to state custody, requiring the state to hold these assets in-kind rather than converting them to cash."
"The law aims to reduce risks for crypto users by ensuring that digital assets are held for at least one year before any liquidation, allowing owners to reclaim their property in its original form."
Virginia has enacted a law requiring dormant cryptocurrency to be held in its original form for at least one year before any sale. Signed by Governor Abigail Spanberger, House Bill 798 updates the state's unclaimed property statute to include digital assets. Cryptocurrency accounts inactive for five years will be presumed abandoned and transferred to state custody. The law aims to protect owners from losing potential gains by liquidating assets too quickly, allowing them to reclaim their property in its original form or receive the greater of sale proceeds or market value at the time of the claim.
Read at Bitcoin Magazine
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