California Provides for Escheating of Digital Financial Assets

The California Governor signed a law concerning unclaimed property. The law includes: 1) providing clarification that digital financial assets are intangible property that is subject to the unclaimed property law; and 2) providing that digital financial assets held or owing by a business association escheats to the state if unclaimed by the owner for more than three years from a certain date. The law takes effect on Jan. 1, 2026. [S.B. 822, enacted 10/11/25]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.