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California Governor Gavin Newsom has taken an important step in the area of financial laws by finally passing SB 822. The law will change the way we work with digital assets that have not been used for a long time. Unlike the standard approach to unclaimed property, the new law provides for the preservation of assets in their original, unique form.

The innovation in the law is that the existing law "On Unclaimed Property" now applies to digital assets such as Bitcoin and Ethereum. From the moment the law comes into force, cryptocurrencies that have remained inactive on the accounts of custodial platforms for three years or more must be transferred to the state. Their further storage will be carried out only by licensed organizations that meet the high security standards established by the state.

Senator Josh Becker emphasizes that the law fills an important gap in legislation by giving crypto assets a clear status similar to intangible assets. The sale of these assets by the Treasury is considered only as a last resort. This is possible no earlier than 18 months after the publication of the notices and only with the permission of the State Comptroller.

The introduction of this law shows that digital assets are becoming more and more recognized, and creates a legal framework for reliable protection of those who own them. California, as one of the leading technology centers, is bringing its legislation in line with new realities, setting safer and more reliable standards for working with digital values.