NY A07742

Amends the abandoned property law to define "virtual currency" and "virtual currency business activity" using existing New York regulatory definitions from 23 NYCRR 200.2(p) and (q)

Classifies virtual currency held by banking organizations, corporations, or entities engaged in virtual currency business as abandoned property if unclaimed for five years and either the owner's last known address is in New York State or the entity is incorporated in New York

Requires entities holding abandoned virtual currency to report and deliver it to the State Comptroller by November 10th of the year following the abandonment determination date

Directs the Comptroller to sell abandoned virtual currency on established exchanges or by other appropriate means, with sale proceeds deposited into the abandoned property fund after deducting sale costs

Takes effect immediately upon enactment