🔥📈Virginia Governor Signs Bill on Unclaimed Crypto Assets
Virginia Governor Abigail Spanberger signed House Bill 798 into law on Monday. According to Foresight News, the legislation will take effect on July 1, 2026, and mandates that unclaimed crypto assets in customer accounts, defined as assets unclaimed for five years, be transferred to state custody in their original form. This means the actual tokens will be moved without immediate liquidation or conversion to cash.
Historically, state administrators have often liquidated unclaimed crypto assets shortly after transferring them to state custody. This practice could result in owners receiving cash at earlier, potentially lower market prices when they later claim their assets. The new law allows state government administrators to hold unclaimed digital assets in their original form and requires these assets to be held for at least one year before liquidation.🎯