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

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ME News, July 6 (UTC+8): The Supreme Court of South Korea announced a legislative preview on July 2 regarding the "Partial Revision of Civil Execution Rules," establishing civil enforcement standards for virtual assets, which will take effect on October 1 after a public comment period. The revisions cover the enforcement and liquidation of claims to transfer digital assets, as well as the enforcement and liquidation of digital assets themselves. After a court seizure order takes effect, third-party debtors are prohibited from transferring assets to the debtor, and the debtor is prohibited from disposing of 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. Seized assets may be liquidated through transfer orders or sale orders, and sales may be conducted by entrusting a virtual asset business operator, transferring to an executor's account for sale, or exchanging for easily liquidated digital assets before sale. For digital assets with insufficient liquidity, they may be converted into other digital assets before liquidation. The Supreme Court's administrative office will collect comments until August 11. (Source: PANews)
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