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 with economic rights. The bill establishes that digital assets are presumed abandoned after two years of inactivity or lack of communication from the owner. Holders of these assets are required to report and transfer them to a qualified custodian designated by the director of commerce if they are deemed abandoned.

Additionally, the bill outlines the responsibilities of the director of commerce in selecting custodians, who must enter into formal agreements detailing their duties and obligations. The custodians are required to hold the assets for a minimum of two years before any sale, allowing owners the chance to reclaim their property. Proceeds from the sale of unclaimed digital assets will be deposited into the unclaimed funds trust fund. The bill also clarifies that the new provisions do not apply to unclaimed funds as defined in section 169.02, and it repeals the existing section 169.01, marking a significant shift in the legal handling of unclaimed digital property.

Statutes affected:
As Introduced: 169.01