South Korea's Supreme Court has announced a legislative notice for the "Partial Amendment Bill to the Civil Execution Rules," aimed at establishing civil enforcement standards for virtual assets. The proposed amendments, set to take effect on October 1, will undergo a public comment period until August 11. These rules address the enforcement and realization of rights to request the transfer of digital assets and the assets themselves.
Under the new rules, once a court seizure order is in place, third-party obligors are prohibited from transferring assets to debtors, and debtors cannot dispose of the relevant rights. Creditors can apply to the court to require third-party obligors to confirm claims and their specifics. Seized assets may be realized through transfer or sale orders, with sales potentially executed by virtual asset business operators or through conversion into more liquid digital assets.
South Korea's Supreme Court Proposes New Rules for Virtual Asset Enforcement
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