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virtual currency

New York Assembly Introduces a Bill on the Escheat of Virtual Currency

June 25, 2019 By Kendall Houghton and Kathleen Cornett

New York Assembly Bill 8314, introduced on June 13, 2019, would provide for the escheat of virtual currency. The bill, which also directs the comptroller to create regulations establishing when electronic communication qualifies as “written contact” from an owner, defines “virtual currency” as “any type of digital unit that is used for  a  medium of exchange or a form of digitally stored value.” The definition is meant to be broadly construed and includes decentralized currencies and those with a central depository or administrator. However, the bill excludes online gaming currencies, [...]Read more

Filed Under: Unclaimed Property Tagged With: cryptocurrencies, New York Assembly, Unclaimed property, virtual currency

Unclaimed Property ADVISORY: Sailing the Sea Change of Delaware’s New Escheat Law

February 10, 2017 By Michael Giovannini

Now that Delaware's rewrite of its escheats laws is enshrined in Delaware law, holders will soon be faced with making some important decisions about audits and the VDA program. Our Unclaimed Property Group takes stock of what it means for holders going forward. Read the full advisory here. [...]Read more

Filed Under: Unclaimed Property Advisory Tagged With: Delaware, Delaware Escheat Law, Escheat, Estimated Methodologies, Marathon Petroleum Corp. v. Cook, SB 13, Senate Bill 13, State Escheator, Statute of Limitations, Temple-Inland, Unclaimed property, Uniform Unclaimed Property Act, virtual currency

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