SB 1069
Aligning Uniform Unclaimed Property Act with modern practices
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill updates West Virginia’s Unclaimed Property Act to account for digital assets like cryptocurrency. It defines ‘digital financial assets’ and outlines how holders of these assets should report and deliver them to the State Treasurer. The law allows for the preservation of digital assets in their original form and establishes a minimum three-year holding period before liquidation, aiming to align the state’s regulations with modern custodial practices while maintaining administrative flexibility.
Key provisions
- Defines ‘digital financial assets’ as cryptocurrencies and other digital representations of value.
- Specifies how abandoned digital financial assets should be reported and delivered to the State Treasurer.
- Allows for the preservation of digital assets in their native digital form for a minimum of three years.
- States that the State Treasurer is not required to develop digital asset custody infrastructure.
- Maintains existing unclaimed property processes, notice requirements, and owner claim procedures.
- Addresses the delivery of digital assets, allowing for either native form or liquidated cash proceeds.
- Establishes a timeframe for the State Treasurer to preserve digital assets before liquidation.
- Clarifies that the State Treasurer can preserve digital assets in their native form.
Who is affected
- Individuals who hold cryptocurrency or other digital assets.
- Financial organizations that hold digital assets on behalf of customers.
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