Over the last few years, the use of blockchain technologies and their associated cryptocurrencies has grown tremendously. As with many new areas, the growth is usually followed by an onslaught of challenges brought on as governments and regulatory agencies try to decide how to adapt or how to fit this new square peg into the round hole of already established laws and regulations.
Whether you are a company that has emerged as a part of the support system to the cryptocurrency world (e.g., coin exchanges) or simply a company that has begun to accept Bitcoin or other similar cryptocurrencies as payment, it will be important that you are prepared for these challenges and are proactively addressing potential issues that can emerge. One often overlooked area for consideration, are the impacts of various state unclaimed property regulations.
Our advice: Do not make the mistake of neglecting and not performing the necessary analysis to understand the impacts of unclaimed property regulations on your new and emerging business lines and practices!