This bill aims to amend the West Virginia Uniform Unclaimed Property Act by updating definitions and adding new sections to accommodate digital financial assets. Specifically, it introduces the term "Digital financial asset," defined as an intangible asset recorded on a blockchain, and clarifies that these assets will be treated as intangible property under the Act. The bill also establishes new reporting and delivery requirements for holders of abandoned digital financial assets, allowing for their delivery either in native digital form or as liquidated cash proceeds.

Additionally, the bill outlines custodial treatment for digital financial assets delivered in their native form, stipulating that they will not be immediately liquidated upon receipt by the State Treasurer. Instead, these assets must be preserved for a minimum of three years before any discretionary liquidation can occur. The bill ensures that existing unclaimed property processes and owner claim procedures remain intact, while also clarifying that the State Treasurer is not required to develop infrastructure for digital asset custody. Overall, the legislation seeks to modernize the handling of unclaimed property in light of emerging digital asset practices.

Statutes affected:
Introduced Version: 36-8-1, 36-8-7a, 36-8-7b