Bill > HB2324

This bill updates Arizona's forfeiture laws to specifically address digital assets, creating new definitions and procedures for seizing and managing cryptocurrencies and other digital assets. The bill expands the definition of "digital assets" to include virtual currencies, cryptocurrencies, and other digital-only assets that have economic or proprietary value. It allows law enforcement to seize digital assets through methods like accessing private keys, securing digital wallets, or transferring assets to state-approved secure platforms. The legislation establishes a new Bitcoin and Digital Assets Reserve Fund, which will receive 25% of digital asset forfeitures over $300,000, with the first $300,000 and an additional 50% going to the Attorney General's office, and 25% going to the state general fund. The bill also provides detailed guidelines for how digital assets should be stored, valued, and sold, emphasizing transparency and security. Additionally, the legislation clarifies existing forfeiture procedures, including protections for innocent owners and specific conditions under which property can be seized, while ensuring that digital assets are treated similarly to other types of property in forfeiture proceedings.

Budget and Finance, Business and Industry

https://apps.azleg.gov/BillStatus/BillOverview/82095