An Act to Amend the Maine Revised Unclaimed Property Act and Clarify the Definition of Virtual Currency

The amendment treats virtual currency as reportable unclaimed property. It defines virtual currency and private keys, establishes a five-year abandonment period subject to owner activity, and tells holders how to report and transfer assets to Maine's administrator. Depending on transferability and cost, the administrator may accept native assets, direct liquidation or exempt certain assets. A later claimant generally receives the asset if still held or the net proceeds if liquidated, without post-liquidation appreciation.

Key Provisions

Defines virtual currency and private keys; five-year abandonment rule; holder due-diligence and reporting; native transfer where credentials permit; administrator-directed liquidation; alternate disposition when liquidation is impossible; owner-claim and indemnity rules; confidentiality and escheat-fee protections.

Licensing & Registration

Not a VASP licensing law; it imposes unclaimed-property duties on businesses holding virtual currency for owners.

AML / CFT

Not directly addressed; existing federal and state financial-crime rules continue to apply.

Custody & Safeguarding

Holders able to transfer must deliver reportable virtual currency as directed; otherwise they retain custody until transfer becomes possible. The administrator may require liquidation or hold assets in a state-owned account.

Disclosure & Marketing

Requires statutory notice, reporting and recordkeeping associated with presumed-abandoned property; not a crypto-marketing regime.

Market Integrity & Enforcement

The Maine State Treasurer administers compliance under the Revised Unclaimed Property Act, including reporting, delivery, liquidation and owner claims.

Tax Treatment

Not addressed by this Act; unclaimed-property transfer is separate from federal and state tax treatment.