North Carolina House Bill 1029 was introduced on April 22, 2026, and amended on May 12, 2026. Titled the Digital Asset and Stablecoin Act, the bill provides detailed requirements for entering the digital asset business in North Carolina. Embedded within the Act are amendments to the unclaimed property act relating to unclaimed digital assets as well as due diligence and aggregate thresholds. This alert covers the unclaimed property requirements only. Please refer to the bill text found here for full information.
With respect to unclaimed property, the bill provides the following:
Digital Asset Escheat Requirements
-
Property held in a digital asset account is presumed abandoned five years after the earliest of:
-
The date of the last act of ownership interest,
-
The date a second consecutive communication from the holder is returned as undeliverable,
-
The date the holder discontinued communications with the owner.
-
-
Digital assets should be remitted in their native form to a qualified custodian designated by the Treasurer. The holder must provide proof of delivery upon request.
-
If the holder is unable to deliver the digital asset but later transfers the asset, they must report the digital asset in the subsequent reports.
-
If the treasurer cannot accept the digital asset, it is of nominal value, or the cost of custody is greater than the value of the asset, the holder may be asked to liquidate the digital asset and remit the proceeds. The treasurer may also identify types of digital assets that are exempt or require liquidation.
-
Holders that remit digital assets or their liquidated proceeds in good faith are relieved of all liability after the remittance.
-
The treasurer will designate a custodian and provide delivery instructions prior to the first reporting cycle.
-
New Definitions related to digital assets are added as follows:
-
A “digital asset” is an electronic asset that grants economic, proprietary or access rights and is recorded or stored in a blockchain, cryptographically secured distributed ledge, or similar technology.
-
A “digital asset account” is an account, wallet, or other custodial arrangement by an owner with a holder that may hold one or more types of digital assets.
-
Regarding digital assets, an “exercise of an act of ownership interest” includes the following actions:
-
Conducting a transaction,
-
Depositing into or withdrawing from a digital asset account, one time or recurring,
-
Electronically accessing the digital asset account, and
-
Conducting activity on another digital asset account held by the same holder
-
-
“Keys” are a pair of cryptographic codes, one public and one private, that allow the receipt and management of digital assets.
-
A “qualified custodian” is a person designated by the Treasurer to hold digital assets. The “qualified custodian” must meet specified criteria.
-
Due Diligence
-
The due diligence threshold is lowered to $25 for all property types including digital assets. Current law provides a $25 threshold for security and equity interests, but a $50 threshold for all other property types.
-
Due diligence must be sent by first class mail and electronic communication-if the holder regularly communicates via electronic mail.
Reporting
-
The aggregate threshold is lowered from $50 to $25
-
NOTE: The first report containing digital assets after the enactment of this law must include all digital assets that would have been presumed abandoned within 10 years prior to the effective date of this law.
Effective Dates
If enacted, this will go into effect 18 months after it becomes law. Holders are not required to report or deliver digital assets until the first reporting cycle on or after 18 months after enaction.
