Bill > HB426

This bill establishes a comprehensive framework for managing and safekeeping unclaimed digital assets in Ohio. The legislation defines digital assets as virtual currencies, cryptocurrencies, and other digital-only assets with economic or proprietary rights, and creates a process for handling these assets when they become abandoned. Under the bill, digital assets are considered abandoned after two years of inactivity, such as no transactions or communication from the owner. When a digital asset is deemed abandoned, the holder must report and transfer the asset in its native form to a qualified custodian designated by the Ohio Department of Commerce. The director of commerce will select a qualified custodian based on criteria including secure storage, cybersecurity measures, ability to manage private keys, and compliance with regulations. The custodian must maintain the digital assets for at least two years before potentially selling them, with proceeds deposited into the unclaimed funds trust fund. The bill also ensures that owners can still claim their assets during this period, and if an owner makes a claim, the director will help transfer the property to their selected custodian. This legislation provides a structured approach to protecting and potentially recovering digital assets that might otherwise be lost or forgotten.

Business and Industry

https://www.legislature.ohio.gov/legislation/136/hb426