South Korea Sets Up and Implements Enforcement Process for Virtual Assets From Seizure to Liquidation

Nov. 9 — According to Yonhap, South Korea's National Court Administration has established cryptocurrency enforcement procedures. The revised Civil Execution Rules took effect on Nov. 1, formally clarifying the seizure and cash-out enforcement procedures for virtual assets such as Bitcoin.

Previously, because virtual assets have no physical form, enforcement mostly relied on the "other property rights" provisions. As related cases surged, the courts specifically drafted execution rules for two scenarios — assets held at exchanges and assets in personal wallets — covering seizure, transfer orders, commissioning exchanges to sell, and various other liquidation methods.