Delaware S 103: Introduced – Unclaimed Property Virtual Currency

Introduced April 14, 2021 this bill, if enacted, would become effective on August 1, 2021. This bill would add provisions to the Delaware Unclaimed Property Act specifically requiring the reporting and remittance of virtual currency. DE S 103 defines virtual currency as a digital representation of value, including cryptocurrency, that does not have legal tender status recognized by the United States. This bill proposes reporting and remittance of virtual currency five years Introduced April 14, 2021 this bill, if enacted, would become effective on August 1, 2021; with certain provisions applying retroactively to any claims, examinations, or litigation pending as of the effective date. after the owner’s last indication of interest and requires that holders liquidate virtual currency prior to reporting and remitting to the state. In relation to the liquidation of virtual currency, this bill also includes language limiting the exposure against the holder or the State Escheator to recover any gain in value that occurs after the liquidation. To review DE S 103 in further detail click here.