Bill > AB1052

This bill introduces comprehensive regulations for digital financial assets in California, addressing several key areas. Starting July 1, 2026, businesses engaging in digital financial asset activities must be licensed by the Department of Financial Protection and Innovation or qualify for specific exemptions. The legislation allows individuals and businesses in California to accept digital financial assets as payment for goods and services, establishing these transactions as legally valid. The bill also updates the state's unclaimed property laws, specifying that intangible property in digital financial asset accounts will escheat (transfer to state ownership) three years after communications are returned undelivered or after the last ownership activity. When such accounts escheat, holders with private keys must transfer the digital financial assets to the State Controller, who may appoint a custodian with a valid state license to manage these assets. The custodian must meet specific criteria, including robust cybersecurity measures, capability to manage private keys, compliance with regulations, and ability to reunite owners with their assets. Additionally, the bill clarifies that while businesses can accept digital financial assets as payment, public entities are not required to do so. These provisions aim to provide legal clarity and consumer protections in the emerging digital asset landscape.

Budget and Finance, Business and Industry, Government Affairs, Justice

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB1052