Virginia law for crypto wey no claim property dey make in-kind transfer mandatory

Virginia law wey dey about unclaimed crypto property (HB 798) Governor Abigail Spanberger sign am on Apr 13, 2026, and e go start from July 1, 2026. The law require exchanges and custodians make dem transfer dormant accounts to the state as digital assets “in-kind” (the native tokens), no be to convert dem to cash. Main mechanics: account go dey presumed abandoned after 5 years wey no activity. Any action wey relate to ownership—trading, account access, or contacting the custodian—go reset the 5-year clock. If the custodian get full private keys, dem must deliver the token itself; if dem get only partial keys, dem go keep the asset until dem fit do full transfer. After state receive the assets, e must hold dem for at least 1 year before any sale. If claimants apply during the first year, dem fit choose either the sale proceeds or the market value at the time of claim (whichever higher). The law no cover non-transferable items (like some in-game assets) and e no apply to non-custodial self-custody wallets. Traders view: industry support dey, including Coinbase CLO Paul Grewal, dem say e reduce forced-selling risk at bad prices. Short-term market impact likely small 'cos na only one state rule, but long-term e fit better expectations for custody handling and reduce sell-pressure from state liquidation frameworks for other places. Legislative note: HB 798 pass Virginia House 96–2 and Senate 40–0. Critics warn say the “abandoned” definition fit catch long-term holders and low claim rates plus audit incentives fit make people classify aggressively.