Maine faces confusion over unclaimed crypto dormancy law change

A revised Maine law extending the presumed dormancy period for unclaimed cryptocurrency to five years is set to take effect on July 29, but the state treasury’s guidance still lists the period as three years, raising the prospect of confusion, CryptoSlate reported. Unclaimed cryptocurrency refers to crypto assets left dormant after individuals or institutions forgot they held them. According to the report, Maine’s amended unclaimed property law specified implementation dates for changes involving other asset classes but omitted the timeline for cryptocurrency. If the presumed dormancy period expires, the assets are transferred to the state government.