South Korea's Supreme Court Issues Virtual Asset Enforcement Rules, Effective October 1

According to Digital Asset, South Korea's Supreme Court issued draft amendments to its Civil Execution Rules on July 2, establishing standards for forced execution and liquidation of virtual assets. The revised rules will take effect on October 1 after a public comment period ending August 11.

The amendments cover forced execution and conversion of both digital asset transfer rights and digital assets themselves. Once a court seizure order takes effect, third parties are prohibited from transferring assets to the debtor, and debtors are restricted from disposing of related rights. Seized assets can be liquidated through transfer orders, sales orders, or conversion to more liquid digital assets. The court may require third-party debtors to acknowledge transfer rights and confirm asset details.