Virginia Updates Unclaimed Property Laws to Include Crypto Assets

Virginia has taken a significant step in modernizing its financial laws by updating its Disposition of Unclaimed Property Act. The new law requires custodians holding unclaimed digital assets to transfer them to the state in their original form, rather than converting them to cash.

This means that if an owner later comes forward to reclaim their crypto assets, they will be preserved in their full value. The law also sets a one-year waiting period before the state can sell any unclaimed digital assets, reducing the risk of selling them at low prices during market downturns.

Virginia joins several other US states that have extended their unclaimed property rules to cover digital assets, including Arizona and California. These states are taking steps to ensure that owners' crypto holdings are protected and preserved for as long as possible.