I am personally intrigued by point 4, "any untouched asset after five years is abandoned property". So, if I deposit money in my account, it's not mine after five years? Where does it work like that?
https://www.osc.state.ny.us/ouf/
Your comment is kind of what I'm talking about. You do not know nearly enough about this stuff to start a Bitcoin startup judging by the fact that you don't even know what unclaimed property is. Therefore I hope regulations like this prevent you and other obviously unqualified people from handling other peoples money.
EDIT: I came out a bit harsh on this and I apologize. I intended to use it as an example of you likely having the technical ability for such a project but not the financial knowledge, which in my opinion is the dangerous situation these regulations will hopefully prevent.
I should have also added that although the person I was replying to(xorcist) was unqualified in the financial knowledge, I assume by way of being around HN, that they likely have more than enough technical aptitude for such an endeavor.
These regulations, in my opinion work to protect the larger markets from exactly that type of dangerous situation.
That's how bank accounts in NY State currently work. However, if your account has been idle for a while, your bank tries to contact you to tell you about it. If you have on-line banking, logging in to your account usually makes it active again.
Also, in the event that your money does get turned over to the state, you can ask the state to return it to you.
I think this law is primarily designed to ensure that if people die without leaving a will, the funds will go to the state rather than to the bank. If heirs (e.g., next of kin) turn up eventually, it's easier to go to the state's web site and look for unclaimed property under someone's name than to try to figure out which of hundreds of banks the deceased had his account at.