United States of America: Amendment to Unclaimed Public Property Law to include Cryptocurrency
Compare with different regulatory event:
Description
Amendment to Unclaimed Public Property Law to include Cryptocurrency
On 6 August 2021, the Unclaimed Property Law Act of the US State of Illinois is amended. The amendment became effective on 6 August 2021. It now includes cryptocurrency, meaning that any digital currency is considered unclaimed after 5 years of uninterest or disengagement shown by the rightful owner to said currency. The term "virtual currency" now even includes cryptocurrencies that are not legally recognized as tender in the State of Illinois and the US.
Original sourceScope
Policy Area
Instrument unspecified
Policy Instrument
Authorisation of goods or services
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
subnational
Government Branch
legislature
Government Body
parliament
Key regulatory dimensions
Regulated subjects
The businesses, government agencies or individuals affected by this policy or regulatory change.
producer / supplier
1
Type
Private organisation
Economic activity
digital payment provider (incl. cryptocurrencies)
Category
All
Policy change by business practice
The detailed activities within the scope of this policy or regulatory change.
cryptoasset: currency: storage (any form)
Regulatory tool
Data storage/retention obligation
Sanctions
Regulated subjects
1