N.Y. Abandoned Property Law § 1319: Unclaimed virtual currency

§ 1319. Unclaimed virtual currency. 1. Any virtual currency held or

owing by any banking organization, corporation or other entity engaged

in virtual currency business activity which shall have remained

unclaimed by the person entitled thereto for a period of five years

shall be deemed abandoned property if:

(a) the last known address of the person entitled to such virtual

currency as shown on the books and records of the entity engaging in the

virtual currency business activity is located in the state; or

(b) the last known address of the person entitled to such virtual

currency is not shown on the books and records of the entity engaging in

the virtual currency business activity and the entity is incorporated in

this state.

2. (a) Any virtual currency held or owing by a banking organization, a

corporation or other entity engaged in virtual currency business deemed

abandoned under this section as of the thirtieth day of the preceding

June shall be paid or delivered to the comptroller on or before the

tenth day of the next succeeding November.

(b) Payment or delivery shall be accompanied by a true and accurate

report setting forth information relating to such abandoned property as

the comptroller may require.

3. Virtual currency reported to the comptroller pursuant to this

section shall be sold on any established exchange, or by such other

means as the comptroller shall deem advisable, as soon as the

comptroller in his or her discretion deems practicable.

4. The proceeds of the sale of virtual currency, less all costs

incurred in connection with such sale, shall be deposited by the

comptroller in the abandoned property fund and any claimant to such

virtual currency shall be entitled only to the proceeds of the sale of

such virtual currency by the comptroller.