South Korea is approaching an Aug. 11 deadline for public comments on proposed crypto seizure rules that could require exchanges to disclose customer holdings within seven days of receiving a court order.
The Supreme Court's proposed amendments to the Civil Execution Rules aim to create a standardized process for creditors to freeze, identify and liquidate virtual assets held by debtors. The changes would formalize how crypto exchanges and other virtual asset service providers participate in civil debt enforcement.
Implementation Timeline
- Public comment period closes Aug. 11
- Rules expected to take effect Oct. 1, if finalized on the current schedule
- Exchanges would have roughly seven weeks after the consultation closes to prepare
- Once served with a court order, exchanges would have seven days to disclose customer holdings
