Unclaimed Property:
Rhode Island: New Rule Addresses Payment or Delivery of Virtual Currency to Administrator
120-RICR-00-00-3, R.I. Treas. Dept. (eff. 3/3/25). The Rhode Island Treasury Department adopted a new regulation that seeks to establish guidelines for transferring payment or delivery of virtual currency to the Rhode Island Unclaimed Property Administrator (Administrator). The rule generally requires that holders liquidate the virtual currency and remit the proceeds to the Administrator within 30 days prior to the filing of the report under R.I. Gen. Laws § 33-21.1-17. Specifically, under the new rule:
If property reported to the Administrator is virtual currency, the holder must liquidate the virtual currency and remit the proceeds to the Administrator;
Such liquidation must occur anytime within 30 days prior to the filing of the report under R.I. Gen. Laws § 33-21.1-17; and
“The owner shall not have recourse against the holder or the [A]dministrator to recover any gain in value that occurs after the liquidation of the virtual currency” pursuant to this new rule.
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