The Supreme Court of South Korea has drafted civil enforcement rules for virtual assets, which will come into effect on October 1st

According to Digital Asset, the Supreme Court of South Korea issued a legislative notice on July 2 regarding the revision of the Civil Enforcement Rules, establishing norms for civil compulsory enforcement of virtual assets. After soliciting opinions, it will come into effect on October 1. The revised content covers the enforcement and realization of the right to request the transfer of digital assets, as well as the enforcement and realization of 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 related rights. Seizing creditors may apply to the court to require third-party debtors to state whether they recognize the right to claim and the specific content. The seized assets can be realized through transfer orders or sale orders, and the sale can be carried out by entrusting virtual asset operators, transferring them to the executive's account for sale, or exchanging them for easily realized digital assets for sale.