House Bill 583 Summary

• Creates Chapter 53 of Idaho Code establishing the "Digital Assets Act" to define the legal status of digital assets and classify them as intangible personal property.

• Defines digital assets to include open blockchain tokens, digital commodities, digital securities, virtual currencies, and other controllable electronic records stored in computer-readable format.

• Establishes that virtual currency is intangible personal property and is not a security, and that digital securities are classified as investment property under Idaho law.

• Permits purchase and sale of digital assets in the same manner as other personal property, with protection for qualified purchasers who obtain assets for value in good faith without notice of adverse claims.

• Provides that security interests in digital assets are perfected by possession or control, with secured parties holding possession or control having priority over those without such possession or control.

• Takes effect July 1, 2022, with an emergency declaration.