Bill > HB798

This bill amends the Virginia Disposition of Unclaimed Property Act to include digital financial assets, which are defined as digital representations of value used as a medium of exchange, unit of account, or store of value, but exclude certain rewards programs, in-game items, and registered securities. The bill establishes a framework for handling unclaimed property held within "digital asset accounts," which are repositories for digital assets. It clarifies that an "exercise of an act of ownership interest" in such an account includes conducting transactions, accessing the account electronically, engaging in activity with other accounts or property held by the same entity, or taking any other action demonstrating the owner's awareness of the account. Property in a digital asset account is presumed abandoned after five years, with this period ending upon any act of ownership or communication from the owner. If the holder has full control of the necessary "private keys" (cryptographic data used for signing transactions) to transfer a digital asset, they must report and deliver it in its native form to the Administrator (the State Treasurer or designee); otherwise, they must hold it until they can transfer it. The Administrator can direct the liquidation of unclaimed digital assets if a custodian cannot accept them, and may allow holders to report but not transfer certain assets, potentially liquidating them later. The bill also updates provisions for selling abandoned property to include digital assets, allowing them to be sold on established exchanges or over the counter, with specific rules for handling claims and determining ownership value.

Budget and Finance, Business and Industry, Justice

https://lis.virginia.gov/bill-details/20261/HB798