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 10 years ago

vogelito commented 10 years ago

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

pmlaw commented 10 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 10 years ago

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