Leawood, KS – October 25, 2021: The Delaware Senate has enacted Senate Bill 103 (SB 103) which will add “virtual currency” to the definition of property subject to reporting requirements for unclaimed property effective August 1, 2021. The bill was first introduced in the Senate on April 14, 2021, and signed by Governor Carney on June 30, 2021.
SB 103 defines “virtual currency” as “a digital representation of value, including cryptocurrency, used as a medium of exchange, a unit of account, or a store of value that does not have legal tender status recognized by the United States.” This definition explicitly excludes “game-related digital content,” “a loyalty card,” and “software or protocols governing the transfer of the digital representation of value.” SB 103 defines “Game-related digital content” as “digital content that exists only in an electronic game or electronic-game platform.”
SB 103 adopts an express reporting requirement for virtual currency, requiring liquidation of virtual currency within 90 days prior to reporting and remitting the proceeds of the liquidation to the state. SB 103 states that owners shall not have recourse against the holder or the State Escheator to recover any gain in value that occurs after the liquidation of the virtual currency required under this Bill.
Under SB 103, virtual currency is considered abandoned 5 years after the owner’s last indication of interest in the property.
To read Delaware SB 103 click here: DE SB 103.
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