The proposed bill would update current statutes by establishing a framework for the treatment of digital assets as abandoned property. It would insert provisions that define digital assets as presumed abandoned three years after a communication to the owner is returned undeliverable, while clarifying that this presumption ceases upon any act of ownership interest by the owner. Additionally, the bill mandates that holders report and deliver abandoned digital assets to the Arizona Department of Revenue (ADOR) within 30 days and allows for the staking of these assets to generate rewards.

Moreover, the bill would create a "Bitcoin and Digital Assets Reserve Fund" to manage abandoned digital assets and associated rewards, specifying that 10 percent of the assets in this fund may be deposited into the state General Fund, excluding bitcoin. It introduces definitions for terms such as "airdrop," "digital assets," and "stake," and makes technical changes to existing statutes. Overall, these updates aim to modernize the handling of digital assets within Arizona's unclaimed property laws.

Statutes affected:
Introduced Version: 44-301, 44-302, 44-308, 44-312, 27-231, 27-901, 44-303, 44-1801, 43-1028, 46-441, 40-491, 25-500, 48-241, 33-812, 44-307, 47-8405, 44-310
House Engrossed Version: 41-180, 44-301, 44-302, 44-308, 44-312, 35-146, 35-147, 27-231, 27-901, 44-303, 46-441, 40-491, 25-500, 48-241, 33-812, 44-307, 47-8405, 44-310
Chaptered Version: 41-180, 44-301, 44-302, 44-308, 44-312, 35-146, 35-147, 27-231, 27-901, 44-303, 46-441, 40-491, 25-500, 48-241, 33-812, 44-307, 47-8405, 44-310