A historic decision has been taken regarding digital assets in the southwestern state of Arizona, USA. State Governor Katie Hobbs has approved a new law HB 2749, under which the state will now be able to take possession of abandoned digital assets i.e. cryptocurrency and create a Bitcoin and Digital Assets Reserve Fund.
The Bitcoin Reserve Fund Law in Arizona has been brought under 'House Bill 2749', in which the state will be able to secure those digital assets in its possession, whose owner has not made any claim or has not responded to his digital assets for 3 years. Under this law, there is a provision that the state can earn rewards by investing such digital assets in staking. Also, tokens received through Airdrops can also be added to the reserve fund.
Don't make the mistake of considering it a new investment policy
Actually, no new investment scheme has been introduced under this law, but the unclaimed digital assets have been managed. Let us tell you that earlier in the state of Arizona, Governor Katie Hobbs vetoed a proposed bill SB 1025, which proposed the government to invest public funds in Bitcoin, but now HB 2749 has been approved because it does not make risky investments, but only manages abandoned digital assets.
These are the special things in HB 2749 lawUnder House Bill 2749, digital assets unreceived for 3 years will be handed over to the state revenue department.The assets will be taken in their "digital form" only.These assets can also be staked or airdropped by the State Treasury.The profit earned will be added to the Bitcoin and Digital Asset Reserve Fund.
The state will be able to use the Digital Asset Reserve Fund as per the requirement, but it will be necessary to take mandatory approval in the House.
Conclusion
This move by Arizona is an indication that US states can no longer ignore Crypto Assets. Apart from traditional investments, this model now points towards efficient management of abandoned crypto assets. This law of Arizona can become an example for many countries on how digital assets can be made legally safe and profitable.