Virtual currency accounts not active for 5 years cannot be deemed abandoned property

shea256 / proposed-bitlicense-regulations

The Proposed BitLicense Regulations for The State of New York (Thanks to Patrick Murck for the idea + support to convert this to markdown)

28 stars 18 forks source link

Virtual currency accounts not active for 5 years cannot be deemed abandoned property #17

Closed vogelito closed 9 years ago

vogelito commented 9 years ago

This just sounds crazy to me... Can someone explain the logic behind this?

pmlaw commented 9 years ago

This is a record keeping rule that assumes escheat may apply to accounts held by service providers. Escheat applies to regular bank accounts as well, so nothing new here.

vogelito commented 9 years ago

Thanks - still sounds crazy to me... :(