Summary
- Arizona announced the enactment of the 'HB2749' bill for cryptocurrency reserves, establishing a Bitcoin reserve fund.
- Under this bill, the state government can operate unclaimed assets of cryptocurrency holders for three years through custody institutions.
- Profits from operating unclaimed assets are deposited into the Bitcoin Reserve Fund managed by the Arizona State Treasury.
The state of Arizona has enacted legislation allowing the state government to reserve cryptocurrencies.
On the 7th (local time), Arizona announced the enactment of 'HB2749', a law for the protection of virtual assets and the establishment of a Bitcoin (BTC) reserve. The bill was led by Arizona State Representative Jeff Weninger. Arizona explained, "HB2749 modernizes Arizona's unclaimed property laws to reflect the presence of digital assets, including cryptocurrencies."
The core of the bill is that if a cryptocurrency holder does not respond to the state government for three years, their cryptocurrency is considered unclaimed property. Arizona's certified custody institutions can stake or use airdrops to receive rewards for cryptocurrencies deemed unclaimed property.
According to the bill, profits generated from cryptocurrencies considered unclaimed property are deposited into the Bitcoin Reserve Fund. The Bitcoin Reserve Fund is managed by the Arizona State Treasury.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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