The Supreme Court of South Korea seeks opinions on the civil enforcement rules for virtual assets

According to Digital Asset, the Supreme Court of South Korea announced on July 2 the legislative preview of the "Partial Amendment to the Civil Execution Rules," establishing regulations for the civil enforcement of virtual assets, which will take effect on October 1 after collecting opinions. The amendments cover the enforcement and monetization of claims for the transfer of digital assets, as well as the enforcement and monetization of the digital assets themselves.

After the court's seizure order takes effect, it prohibits third-party debtors from transferring assets to the debtor and also prohibits the debtor from disposing of relevant rights. Seizing creditors can apply to the court to require third-party debtors to state whether they acknowledge the claim and its specific content. Seized assets can be monetized through transfer orders or sale orders, with sales conducted by entrusting virtual asset businesses, selling after transferring to the executor's account, or exchanging for more liquid digital assets before selling. For digital assets with insufficient liquidity, they can be converted into other digital assets before monetization. The administrative office of the Supreme Court will collect opinions before August 11.