Virginia Mandates 'In-Kind' Holding of Escheated Cryptocurrency

Virginia has joined a growing number of states that are revising their approach to escheated cryptocurrency. Under the new law, unclaimed digital assets must be held in their original form for at least one year before being sold off.

This change is designed to prevent owners from losing potential gains if the value of their cryptocurrency increases over time. It also aims to reduce the risk of owners being unaware of tax liabilities resulting from the sale of their escheated assets.