NY AB 7742 was introduced on May 21, 2021. Click here to read a copy of the bill.
This proposed legislation is significant because it defines virtual currency and provides guidelines for reporting. A dormancy period of 3 years will be used. The state would be able to accept the currency in native units so that the holder would not be required to sell or convert virtual currency prior to delivery to the state.
If enacted, the bill gives the comptroller authority to form rules and regulations around when electronic contact shall constitute ‘written contact’ for the tolling of dormancy periods.
Another significant change is a new dormancy trigger, death of an owner, applicable across all property types. As written, contact after death would not toll the dormancy period.
We will continue to track this bill and, if enacted, we will be sure to update our systems accordingly.