Delaware Adds Cryptocurrency to Unclaimed Property Reporting Requirement

The governor of Delaware signed a bill June 30, 2021 that will add “virtual currency,” including cryptocurrency, to the definition of property subject to reporting requirements for unclaimed property effective August 1, 2021. The act defines virtual currency as “a digital representation of value, including cryptocurrency, used as a medium of exchange, a unit of account, or a store of value that does not have legal tender status recognized by the United States.” Game related digital content, or currency that only exists within an electronic game, loyalty cards, and software governing the transfer of virtual currency are excluded from this definition. Currency is considered abandoned 5 years after the owner’s last indication of interest in the property and must be liquidated within 90 days prior to reporting and remitting the proceeds of the liquidation to the state. (Delaware S.B. 103)

Posted on July 15, 2021