Virginia law to require state to hold dormant crypto for at least one year

The U.S. state of Virginia will implement a law (HB 798) in July requiring the state to hold dormant cryptocurrencies for at least one year after receiving them, The Block reported. The rule applies to crypto assets that have been left unclaimed for more than five years. Previously, state administrators often sold such assets immediately upon receipt. This meant that if owners later claimed their property, they would receive cash based on a potentially lower, earlier market price. The new bill specifies that the state government can only liquidate the assets after this minimum one-year holding period.