"If account is not accessed within 3 years, it will be considered unclaimed property"
Bill also includes provision that "Cryptocurrency can be accepted as payment and trading method within the state"
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On the 3rd (local time), the California State Assembly passed the AB 1052 bill with a vote of 78 to 0 and announced that it would send the bill to the Senate.
The AB 1052 bill includes a provision that the state government consider cryptocurrency in in exchange accounts that exercised ownership for more than 3 years as unclaimed property.
According to the bill, if there is no clear evidence that the owner of cryptocurrency in exists within the account for 3 years, including buying, selling, depositing, and withdrawing through the exchange account, the state government can take it.
The AB 1052 bill allows cryptocurrency as a payment method for goods and services provided by individuals by individuals or companies and also, allows cryptocurrency in transactions between individuals.
The AB 1052 bill will take effect from July 1, 2026, after passing the Senate and being signed by Governor Gavin Newsom.
California has approximately 40 million residents and is the region with the largest population in the United States.
Reporter Seung-won Kwon ksw@blockstreet.co.kr
