The bill amends section 169.01 and enacts new sections 169.20 through 169.26 of the Revised Code to create a comprehensive framework for the management of unclaimed digital assets in Ohio. It defines "digital assets" to include virtual currencies, cryptocurrencies, and other digital-only assets that provide economic rights. The bill establishes that digital assets are considered abandoned after two years of inactivity or lack of communication from the owner. It requires holders of these presumed abandoned assets to report and transfer them to a qualified custodian appointed by the director of commerce, who is responsible for secure storage and regulatory compliance.

Additionally, the bill outlines the responsibilities of qualified custodians, mandating them to enter into formal agreements with the director of commerce that detail their duties, compensation, and terms for termination. It also clarifies that the provisions for unclaimed digital assets do not apply to unclaimed funds as defined in section 169.02. Notably, the existing section 169.01 is repealed, signifying a major update to the legal framework surrounding unclaimed property and custodianship in Ohio.

Statutes affected:
As Introduced: 169.01