📰 California Passes Law on Unclaimed Crypto and Legalizes Crypto Payments
The California State Assembly has officially passed Bill AB 1052, introducing strict regulations for digital assets with several key provisions:
🔹 Unclaimed Crypto
If a crypto asset remains inactive for 3 years, it will be considered unclaimed and transferred to the state.
However, this does not apply to users who store assets in self-custody wallets.
🔹 State Custody
The state will retain assets in the form of BTC and transfer them to a licensed digital custodian appointed by the state controller.
🔹 Crypto Payments Approved
The law authorizes crypto payments for goods, services, and private transactions across California.
🔹 Licensing Requirement
Starting July 1, 2026, any person or entity involved in digital asset business activities must obtain a license from the Department of Financial Protection and Innovation.
💬 This legislation reflects California’s push toward a tightly regulated crypto ecosystem, blending financial innovation with legal oversight.
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#CaliforniaCrypto
#CryptoLaw
#DigitalAssets
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#AB1052
#SelfCustody
#CryptoPayments
#Web3Policy
#CryptoAdoption
