Loading chat...
ID H0465
Bill
Status
1/26/2022
Primary Sponsor
Business Committee
Click for details
AI Summary
-
Establishes the "Digital Assets Act" as Chapter 53 of Title 28, Idaho Code, defining the legal status of digital assets including virtual currency, digital securities, blockchain tokens, and other controllable electronic records.
-
Classifies digital assets as personal property: digital assets are general intangibles, digital securities are investment property, and virtual currency is intangible personal property but not a security.
-
Permits purchase and sale of digital assets in the same manner as other personal property, with qualified purchasers (those acquiring in good faith for value without notice of claims) protected from adverse claims to the asset.
-
Establishes that security interests in digital assets perfected by possession or control take priority over those without possession or control, and allows persons acquiring control of virtual currency without notice of adverse claims to take the asset free of such claims.
-
Effective date: July 1, 2022, with an emergency declaration allowing immediate implementation.
Legislative Description
Adds to existing law to provide for classification of digital assets, to provide for purchase and sale of digital assets, and to provide for perfection by possession or control of digital assets.
DIGITAL ASSETS
Last Action
Reported Printed and Referred to Business
1/27/2022