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South Korea's Supreme Court Announces Bitcoin Seizure Rules, October Implementation Set

Regulation & Policy

2026-07-07 01:12:37

BTC-0.03%

According to a report from South Korea's Supreme Court on July 5, the court announced draft civil enforcement rules to systematically seize, freeze, and liquidate bitcoin and other virtual assets during civil litigation. The amendments establish uniform procedures across all court levels and enable courts to convert seized cryptocurrencies into highly liquid assets for cash conversion. Under the rules, creditors can request court-ordered "transfer orders" awarding assets at court-determined valuations or "sale orders" for liquidation through certified virtual asset service providers. The Supreme Court also outlined preservation measures, including provisional attachments and wallet freezes, to prevent debtors from transferring assets during litigation. The National Court Administration will collect public feedback until August 11, with full implementation scheduled for October.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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