South Korea clears way for courts to seize and sell Bitcoin for unpaid debts under new November rules
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South Korea has established procedures for courts to seize and sell debtors' cryptocurrency to satisfy civil claims. On Oct. 12, the Supreme Court promulgated Rule 3280, introducing standardized procedures for freezing, transferring, and liquidating digital assets to recover unpaid debts. The regulations take effect on Nov. 1 and cover cryptocurrencies held on exchanges and in private wallets. One provision allows court officers to take possession of directly held crypto before debtors receive formal notice of an attachment order, potentially limiting opportunities to move assets beyond creditors' reach.
First reported by CryptoSlate. This page is a short excerpt; the full text is theirs.
