Virginia Law

A. For purposes of this section, an "exercise of an act of ownership interest" includes any of the following actions by the owner of a digital asset account:

1. Conducting a transaction utilizing the digital asset account, including (i) buying or selling digital assets or (ii) depositing or withdrawing from the account fiat currency or other property.

2. Electronically accessing the digital asset account.

3. Conducting any activity with respect to another digital asset account or any other property owned by the owner with the same holder.

4. Taking any other action that reasonably demonstrates to the holder that the owner knows that such account and property exists.

B. Any property held within a digital asset account shall be presumed abandoned after five years in accordance with § 55.1-2501. Such five-year period shall cease immediately upon (i) the exercise of an act of ownership interest in the digital asset account or (ii) any written, oral, or electronic communication from the owner to the holder, as evidenced by a memorandum or other record on file with the holder or its agents.

C. 1. If the digital asset account that is subject to reporting to the Commonwealth pursuant to this section contains any digital asset and the holder has full control of the private keys required to transfer such digital asset, the holder shall report and deliver such digital asset in its native form to the administrator, and such placement with the administrator shall constitute delivery. Upon request, the holder shall provide the administrator with proof of delivery.

2. In the event that the holder only possesses a partial private key to the digital asset or is otherwise unable to move such digital asset to the administrator, the holder shall maintain such digital asset until the additional keys required to transfer such asset become available or the holder is otherwise able to transfer such digital asset to the administrator.

3. The administrator may direct a holder of unclaimed digital assets to liquidate digital assets contemporaneously with reporting if a custodian engaged by the administrator is unable to accept and administer the digital assets. The administrator, at his discretion, may require a holder of digital assets to report, but not transfer, any unclaimed assets to the state, and instead direct that they continue to be held. The administrator may subsequently direct such holder of unclaimed digital assets to liquidate the reported but unremitted digital assets not less than one year following the filing of a report. Such holder may transfer digital assets to a state-owned account held by the holder before liquidation. If such holder reasonably believes it cannot liquidate digital assets and cannot otherwise cause digital assets to be liquidated, the holder shall promptly notify the administrator in writing and explain the reasons why the digital assets cannot be liquidated as otherwise required by this section. The administrator shall then direct the holder concerning an alternative disposition of such digital assets. The administrator shall establish processes to reunite an owner with his digital asset and may authorize liquidation of such digital asset after one year of receipt as provided in subsection C of § 55.1-2529.

2026, c. 669.