South Korea's Supreme Court Seeks Opinions on Civil Enforcement Rules for Virtual Assets

CoinFeed July 6 news, according to Digital Asset reports, the Supreme Court of South Korea on July 2 announced a legislative preview of the 'Partial Revision Rules of Civil Execution Rules', establishing civil enforcement standards for virtual assets, which will be implemented on October 1 after gathering opinions. The revision covers the enforcement and liquidation of claims for the transfer of digital assets, as well as the enforcement and liquidation of digital assets themselves. After the court's seizure order takes effect, third-party debtors are prohibited from transferring assets to debtors, and debtors are prohibited from disposing of the related rights. The seizing creditor may apply to the court to require the third-party debtor to state whether it acknowledges the claim and its specific content. The seized assets can be liquidated through transfer orders or sale orders. Sales can be conducted by entrusting virtual asset business operators, transferring to the execution officer's account and then selling, or exchanging for digital assets that are easy to liquidate before selling, and other methods.