PANews|Jul 06, 2026 04:58
[South Korea's Supreme Court Seeks Public Opinion on Civil Enforcement Rules for Virtual Assets]
According to Digital Asset, on July 2, South Korea's Supreme Court issued a legislative notice for the 'Partial Amendment to Civil Enforcement Rules,' aiming to establish civil enforcement regulations for virtual assets. After collecting public opinions, the revised rules will take effect on October 1.
The amendments cover the enforcement and liquidation of claims for the transfer of digital assets, as well as the enforcement and liquidation of the digital assets themselves. Once a court seizure order takes effect, third-party debtors are prohibited from transferring assets to the debtor, and the debtor is also prohibited from disposing of related rights.
The creditor who has obtained the seizure order may apply to the court to require the third-party debtor to state whether they acknowledge the claim and provide specific details. Seized assets can be liquidated through transfer orders or sale orders. The sale can be conducted by entrusting virtual asset service providers, transferring the assets to an enforcement officer's account for sale, or converting them into more easily liquidated digital assets before selling.
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