HB 798: Virginia Disposition of Unclaimed Property Act; definitions, digital assets. - Virginia

Enrolled → Chaptered · 6 edits

MODERATE

This bill finalizes the Virginia Disposition of Unclaimed Property Act by adding specific rules for digital assets. It defines what constitutes a digital asset and establishes a five-year abandonment period for funds held in digital wallets. Crucially, it creates a new process for handling unclaimed crypto assets, allowing state administrators to liquidate them if they cannot be reunited with owners, while also clarifying how holders must report and transfer these assets.

Scope change

The bill expands the scope of the unclaimed property law to explicitly include digital assets and digital asset accounts, which were previously not covered in this specific manner.

DEFINITION

Added a specific definition for 'digital asset' to clarify that it includes digital value used as currency but excludes certain rewards, game items, and securities.

Added a definition for 'digital asset account' to cover wallets and repositories maintained by owners with holders.

REQUIREMENT

Established a five-year abandonment period for property held within digital asset accounts, resetting if the owner shows ownership activity.

Created new procedures for holders to report unclaimed digital assets to the state administrator, including requirements to transfer assets if full control keys are held.

ENFORCEMENT

Authorized the state administrator to direct holders to liquidate unclaimed digital assets if a custodian cannot accept them, and to reunite owners with assets or authorize liquidation after one year.

TECHNICAL

Added a missing word ('residence') to the definition of 'last known address' to ensure clarity regarding mail delivery requirements.

Communications, Technology and Innovation Substitute → Enrolled · 2 edits · Mar 12, 2026

MINOR

The bill was finalized and enrolled for publication as an official act of the Virginia General Assembly, removing draft markings and adding formal session headers. The substantive policy content regarding the Virginia Disposition of Unclaimed Property Act remains unchanged, with only minor formatting adjustments to section numbers and spacing.

TECHNICAL

Removed draft indicators such as 'OFFERED FOR CONSIDERATION' and 'AMENDMENT IN THE NATURE OF A SUBSTITUTE', replacing them with official 'ENROLLED' and '2026 SESSION' headers.

Adjusted formatting of section references (e.g., changing '§ 55.1-2500' to '§ 55.1-2500') to match official legislative style.

Introduced → Communications, Technology and Innovation Substitute · 6 edits

MODERATE

The bill was amended to replace the term 'digital financial assets' with the broader term 'digital assets' throughout the text. This change expands the scope of the law to cover a wider range of digital value representations, including those that might not strictly fit the previous definition. The amendment also updated the section number for the new digital asset provisions and refined the rules for when unclaimed digital assets are considered abandoned and how they are handled by the state.

Scope change

The bill's scope was expanded from covering only 'digital financial assets' to covering all 'digital assets', thereby including a broader category of digital value representations under the unclaimed property law.

DEFINITION

The definition of 'digital financial asset' was replaced with 'digital asset' to broaden the types of digital property covered by the law.

A new definition for 'digital asset account' was added to clarify the type of repository device subject to the law.

The definition of 'Last known address' was expanded to include digital codes or indications of location that identify the state, even if they cannot be used for standard mail delivery.

REQUIREMENT

The section number for digital asset provisions was changed from 55.1-2521.1 to 55.1-2514.1.

The rules for determining when digital assets are abandoned were updated to reference the general abandonment timeline in section 55.1-2501 rather than a specific five-year rule.

Procedures for liquidating unclaimed digital assets were modified to give the administrator more discretion to direct holders to liquidate assets immediately if a custodian cannot accept them, and to require holders to notify the administrator if liquidation is impossible.

Virginia Disposition of Unclaimed Property Act; definitions, digital assets.

What changed between versions

How they voted

Actions timeline

Sponsors