Bill > HB2749

This bill establishes a comprehensive framework for managing digital assets, particularly cryptocurrencies and virtual currencies, within Arizona's unclaimed property laws. The legislation creates a Bitcoin and Digital Assets Reserve Fund that will receive airdrops, staking rewards, and interest from digital assets. The state treasurer can deposit up to 10% of digital assets held in the fund into the state general fund, with bitcoin specifically excluded from such transfers. The bill provides detailed definitions for key terms like "airdrop" (distributions of digital assets based on specific conditions) and "digital assets" (including virtual currencies and cryptocurrencies). It also introduces specific rules for handling abandoned digital assets, including a three-year presumption of abandonment period and provisions for how such assets should be reported, transferred, and potentially sold by the state. The legislation requires digital assets to be reported and delivered in their native form to a qualified custodian, with potential staking and airdrop rewards being transferred to the state's digital assets reserve fund after three years if the property remains unclaimed. This bill represents a significant update to Arizona's unclaimed property statutes to address the growing importance of digital assets in modern financial systems.

Business and Industry, Government Affairs

https://apps.azleg.gov/BillStatus/BillOverview/83210