The post Virginia State Sign House Bill 798 to Hold Dormant Crypto ‘In-Kind’ appeared on BitcoinEthereumNews.com.

Virginia’s Governor signed House Bill 798 on April 13, 2026, updating the state’s unclaimed property laws regarding crypto. State administrators often liquidate unclaimed crypto soon after they are transferred to state custody. House Bill 798 takes effect on July 1, 2026, transferring unclaimed crypto to state custody in-kind. On April 13, 2026, Virginia Governor Abigail Spanberger signed House Bill 798 into law, updating the state’s unclaimed property rules to include digital assets. The law requires custodians to transfer dormant crypto assets that have been inactive for five years to state custody in kind rather than liquidating them immediately.  This change protects owners from forced sales during market downturns. The law takes effect on July 1, 2026, and requires the state to hold the assets for at least one year before any potential sale. Virginia Enacts House Bill 798 on Unclaimed Crypto On April 13, 2026, Virginia’s Governor signed House Bill 798 into law, amending the Virginia Disposition of Unclaimed Property Act to include digital assets. The legislation, introduced by Chief Patron C.E. Cliff Hayes Jr., creates a statutory framework for handling dormant cryptocurrency and other digital assets presumed abandoned after five years of inactivity in customer wallets. The bill requires custodians to transfer unclaimed digital assets to state custody in kind, meaning they remain in their original token form rather than being converted to cash immediately. Once under state control, the assets must be held for at least one year before the administrator can authorize any liquidation. Prior Liquidation Practices Reduce Owner Recovery Value Before House Bill 798, Virginia administrators routinely liquidated unclaimed cryptocurrency assets immediately upon transfer to state custody. Custodians reported dormant digital assets presumed abandoned after five years of inactivity, and the state converted them into cash at the prevailing market price at the time of sale.…

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Filed under: News - @ April 15, 2026 8:30 pm