South Korea plans to require courts to ask exchanges to disclose and freeze the debtor's crypto assets within seven days

According to CryptoSlate, the proposed amendment to the "Civil Execution Rules" by the Supreme Court of South Korea will establish standardized procedures allowing creditors to freeze, identify, and liquidate virtual assets held by debtors. The court may require exchanges to disclose the types and quantities of cryptocurrency assets held by the debtor within seven days of receiving the order and freeze the corresponding assets.

The deadline for public comments on the proposal is August 11, and it is expected to take effect on October 1. Once the assets are identified and frozen, the court may designate them for allocation to creditors or order liquidation, to be executed by virtual asset service providers.