TLDR
- Virginia Governor Abigail Spanberger signed House Bill 798 into law on Monday.
- The law covers unclaimed crypto assets held in customer accounts.
- Dormant crypto will transfer to the state in-kind under the new law.
- Virginia will hold the crypto for at least one year after transfer.
- The measure sets rules for how the state handles dormant digital assets.
Virginia will hold dormant crypto assets in-kind for at least one year under a new state law. The measure changes how unclaimed digital assets move to the state.
Governor Abigail Spanberger signed House Bill 798 into law on Monday. The law says unclaimed crypto in customer accounts will transfer to Virginia in its original form.
Virginia sets new rules for dormant crypto
The new law focuses on crypto assets left inactive in customer accounts. It sets a clear process for how the state will receive and hold them.
Under House Bill 798, the assets will transfer “in-kind” instead of being converted before transfer. That means the state will keep the assets in the same form.
The one-year holding period is a key part of the measure. During that time, the state will retain the crypto as received.
This approach differs from older handling methods for some unclaimed property. In this case, the law creates a direct path for digital asset custody.
Law keeps assets in original form
The bill states that dormant crypto assets will not be turned into cash at once. Instead, Virginia will keep them as crypto for at least one year.
That point matters because digital assets can change in price over time. By holding them in-kind, the state preserves the original asset during that period.
The law applies to unclaimed crypto assets in customer accounts. It sets a legal standard for how those assets move once they are considered dormant.
The measure gives Virginia a defined framework for digital asset transfers. It also places crypto within the state’s broader unclaimed property system.
Governor signs House Bill 798
Governor Abigail Spanberger signed the bill into law on Monday. That action made House Bill 798 official in Virginia.
The measure arrives as states continue to address digital asset rules. Virginia’s law adds a direct standard for dormant crypto holdings.
The core point of the law is clear and narrow. Virginia will receive dormant crypto “in-kind” and hold it for at least one year.
For account holders and firms, the law offers a stated process for unclaimed digital assets. It also shows that states are building more specific crypto policies.
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