BlockBeats News, April 15th, Virginia Governor Abigail Spanberger signed House Bill 798 into law on Monday, making it effective. The law will take effect on July 1, 2026, and stipulates that unclaimed cryptocurrency assets in customer accounts (i.e., cryptocurrency assets unclaimed for five years) will be transferred to state custody in physical form, meaning the actual tokens will be transferred in their original form rather than immediately liquidated or converted to cash.
Historically, state administrators have often liquidated unclaimed cryptocurrency assets shortly after transferring them to state custody, meaning that when owners later come forward to claim, they may receive cash proceeds at an earlier (and potentially lower) market price. The law now allows state government managers to custody unclaimed digital assets in physical form and specifies that such assets should be held for at least one year before liquidation. (The Block)
