Maine’s five-year crypto dormancy takes effect July 29

Maine’s new virtual-currency unclaimed-property provision becomes effective July 29, creating a five-year dormancy presumption for virtual currency held by businesses. The statute amends the state’s unclaimed property law and sets the general effective date for nonemergency laws passed in the 2026 session.

Under the new section, virtual currency is presumed abandoned five years after an apparent owner’s last indication of interest. If a holder sent first-class mail in the ordinary course of business and that mail is returned undeliverable, the five-year clock runs from the date of the returned mail.

The State Treasurer’s 2026 Holder Reporting Manual, however, still lists “VC02 Virtual Currency – Liquidated” with a three-year dormancy period. The manual includes a July 29 transition date for stored-value obligations but does not provide a comparable schedule or transition instructions for virtual currency. The guide also states most holders other than life insurers report by Nov. 1 but does not identify which reporting cycle will apply first to virtual currency under the new statute.

The statute requires a holder to report and deliver presumed-abandoned virtual currency in native form when the holder has the private keys, credentials or other information needed to transfer the assets. Delivery and remittance must follow directions from the unclaimed-property administrator, and the transfer must occur within 30 days before filing. A holder that lacks sufficient transfer information must retain the assets until transfer becomes possible. Virtual currency controlled exclusively by an owner through their own wallet is not subject to the third-party transfer process described in the law.

For virtual currency valued at $1,000 or more, a holder with a valid owner address that is not identified as invalid in its records must send certified U.S. mail at least 60 days before filing a report. Liquidation of assets is not automatic: the administrator may direct a holder to liquidate within 30 days before filing, decline to accept certain assets, exempt asset classes by rule, or order another disposition when liquidation is not reasonably possible. Owners may not recover gains that occur after an administrator-directed holder liquidation.

The statute also sets rules for crypto once it is in state custody. The administrator generally may not sell native cryptocurrency held by the state for one year. If the state sells within that one-year period and an owner files a qualifying claim before the year ends, the state must pay the greater of the sale proceeds or the market value at the time of the claim, plus any applicable increments.

July 29’s effective date does not itself trigger immediate liquidations or transfers. The five-year dormancy period, notice requirements and reporting conditions must still be met on an account-by-account basis. With the Treasurer’s manual still showing a three-year VC02 entry and no published transition instructions for virtual currency, holders lack official guidance on the first reporting cycle and the treatment of balances that would have been considered dormant after three years under the manual’s current table.