Crypto Holders Face Confusion Over Abandoned Funds in Maine

Maine's new virtual-currency unclaimed-property rules take effect on July 29, introducing a five-year dormancy clock. This means that businesses holding customer crypto will be required to report and deliver presumed-abandoned assets within 30 days before filing.

The State Treasurer's current reporting manual still shows a three-year dormancy period for virtual currency, leaving holders without published transition instructions. The statute presumes virtual currency abandoned five years after an apparent owner's last indication of interest or when communication is returned as undeliverable.

For businesses holding customer crypto, the remittance duty applies when they have private keys, credentials, or other information needed to transfer presumed-abandoned assets. If a business has sufficient transfer information, it must report and deliver the crypto in native form within 30 days before filing. However, if it lacks sufficient transfer information, it must retain the assets until a transfer becomes possible.

For virtual currency worth at least $1,000, a holder must send certified U.S. mail at least 60 days before filing when it has a sufficient owner address that its records do not identify as invalid.