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Bill

HB 798

Virginia Disposition of Unclaimed Property Act; definitions, digital assets.

2026 Regular Session Introduced by Cliff Hayes

Virginia expands unclaimed property laws to cover digital financial assets like cryptocurrency, establishing procedures for state custody and return of abandoned virtual holdings.

Acts of Assembly Chapter text (CHAP0669)
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Bill Summary · HB 798

Legislative bill overview

HB 798 expands Virginia's unclaimed property laws to include digital financial assets such as cryptocurrency, digital wallets, and virtual currency holdings. The bill modifies the state's existing Disposition of Unclaimed Property Act to establish procedures for reporting, holding, and potentially returning digital assets that remain unclaimed by their owners after a specified period.

Why is this important

As digital and cryptocurrency holdings become more common, states need updated laws to address what happens to these assets when owners become unreachable or deceased. This legislation clarifies Virginia's authority over digital property and establishes a legal framework for protecting abandoned digital assets, which could affect millions of Virginians holding cryptocurrency or maintaining digital accounts.

Potential points of contention

  • Custody and security concerns: The state would need secure systems to hold volatile digital assets; questions arise about who bears losses if cryptocurrency values plummet or digital wallets are compromised during state custody
  • Regulatory clarity: The bill may create conflicts with federal cryptocurrency regulations and could expand state power over assets that some argue should remain outside traditional property law frameworks
  • Claiming procedures: Establishing who qualifies as the rightful owner of unclaimed digital assets could be complex, particularly for accounts accessed through exchanges or platforms that no longer operate

Compiled from official sources — confirm details with the bill’s official record.

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