South Korea's Supreme Court seeks public opinion on civil enforcement rules for virtual assets.

Mars Finance News, according to Digital Asset, South Korea’s Supreme Court published on July 2 a legislative preview of the “Partial Amendment to the Civil Execution Rules,” establishing civil compulsory enforcement rules for virtual assets. After collecting public comments, it will come into effect on October 1.

The revised provisions cover the compulsory enforcement and realization (conversion into cash) of the rights to request the transfer of digital assets, as well as the compulsory enforcement and realization (conversion into cash) of the digital assets themselves. After the court’s attachment order takes effect, third-party debtors are prohibited from transferring assets to the debtor, and the debtor is also prohibited from disposing of the relevant rights. The attaching creditor may apply to the court to require the third-party debtor to state whether it acknowledges the claim and the specific contents thereof.

Attached assets may be realized (converted into cash) through a transfer order or a sale order. The sale may be carried out by entrusting a virtual asset business operator, transferring the assets to the execution officer’s account for sale, or exchanging them for digital assets that are easier to realize and then selling, among other methods. For digital assets with insufficient liquidity, they can be converted into other digital assets before being realized (converted into cash). The Supreme Court’s administrative office will solicit comments by August 11.