Maine Cryptocurrency Rules Enter Confusing Phase July 29

Maine's new virtual-currency unclaimed-property rules take effect on July 29, introducing a five-year dormancy clock for crypto assets. However, the State Treasurer's current reporting manual still lists three years as the dormancy period for 'VC02 Virtual Currency, Liquidated.'

The mismatch leaves businesses that hold customer crypto without published transition instructions as the statute becomes effective. Public Law Chapter 675, approved April 13, creates section 2067-A of Maine's Revised Unclaimed Property Act.

Under the new rules, a holder must report and deliver presumed-abandoned assets within 30 days before filing, following the unclaimed-property administrator's directions. Liquidation is conditional, and native crypto transferred to the state generally receives a one-year sale hold.