California introduces laws to confiscate inactive cryptocurrencies

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While many newcomers to the crypto market feel safe keeping their assets on exchanges, these assets can now be confiscated not only by hackers but also by governments. This article discusses when this can happen and how investors can protect themselves.

Recently, two new laws, AB 1052 and SB 822, were passed in California, USA, which expand the Unclaimed Property (UPL) law for digital assets. This means that inactive digital assets from crypto exchanges will be automatically transferred to the state of California if they remain unclaimed for more than three years.

These are considered "intangible personal property," which means they are subject to the same rules as other unclaimed assets. However, this doesn't happen without warning, as the state of California requires custodians of digital assets to notify the relevant clients before transferring the assets to the state.

For this to happen, the account doesn't even have to be accessed for three years. Custodians are required to notify the affected customer of the transfer to the state six to 12 months before the expiration date. If the notifications to the customer can no longer be delivered or remain unanswered, further steps will be initiated.

The withdrawal of digital assets is only possible if the central entities have control over them. However, self-custodial digital wallets such as Best Wallet offer a way to protect against this. With these, investors retain control over their so-called private key and thus their access key.

By owning $BEST coins, Best Wallet also supports presales, allowing early access to projects and increasing the potential for returns. The popular wallet app is also currently in its own presale. It has already raised an impressive $13 million in funding and is currently offering the coins for $0.025135.

Best Wallet's offerings are expanding at a rapid pace, as is its user base, which now boasts over 250,000 monthly active users. Soon, a dedicated bank card, an NFT gallery, MEV protection, advanced trading features, savings plans, and much more will be added to take the Web3 experience to the next level.

Go directly to the official Best Wallet website!

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