According to CryptoSlate, South Korea's Supreme Court has proposed an amendment to its Civil Execution Rules that would create a standardized process for creditors to freeze, identify, and liquidate debtors' virtual assets. Under the proposal, a court could order an exchange to disclose the type and amount of a debtor's crypto holdings within seven days and freeze the relevant assets. The public comment period ends on Aug. 11, and the rule is expected to take effect on Oct. 1. Once assets are identified and frozen, the court could assign them to creditors or order liquidation through a virtual asset service provider.
South Korea's Supreme Court is proposing a standardized enforcement process for virtual assets
ChainCatcher reported, citing CryptoSlate, that South Korea's Supreme Court is planning an amendment to its Civil Execution Rules that would create a standardized process allowing creditors to freeze, identify, and liquidate a debtor's virtual assets.
Under the proposal, a court may require an exchange to disclose the type and amount of a debtor's crypto assets within seven days after receiving the order, and to freeze the relevant assets.
The proposal is open for public comment until Aug. 11 and is expected to take effect on Oct. 1.
Once the assets are identified and frozen, the court may assign them to creditors or order liquidation, with the sale carried out by a virtual asset service provider.
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