The Supreme Court of South Korea seeks opinions on the civil enforcement rules for virtual assets

According to Digital Asset, the South Korean Supreme Court announced on July 2 the legislative preview of the "Partial Amendment to the Civil Execution Rules," establishing regulations for the civil enforcement of virtual assets, which will take effect on October 1 after gathering opinions. The amendments cover the enforcement and liquidation of the right to request the transfer of digital assets, as well as the enforcement and liquidation of the digital assets themselves.

After the court's seizure order takes effect, third-party debtors are prohibited from transferring assets to the debtor, and the debtor is also prohibited from disposing of relevant rights. Seizing creditors can apply to the court to require third-party debtors to state whether they acknowledge the claim and its specific content. Seized assets can be liquidated through transfer orders or sale orders, with sales conducted through entrusting virtual asset businesses, selling after transferring to the executor's account, or exchanging for more liquid digital assets before selling. For digital assets with insufficient liquidity, they can be converted into other digital assets for liquidation. The Supreme Court's administrative office will gather opinions before August 11.