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South Korea sets court rules to seize and sell Bitcoin for unpaid debts

The Supreme Court says the standardized procedures take effect Nov. 1 and cover cryptocurrency held on exchanges and in private wallets.

Reported · Written up by our desk · Regulation

South Korea has set court procedures that allow judges to seize and sell cryptocurrency to satisfy civil claims, with rules designed for both exchange-held and privately held digital assets.

On Oct. 12, the Supreme Court promulgated Rule 3280, establishing standardized steps for freezing, transferring, and liquidating digital assets, with the regulations set to take effect on Nov. 1, according to CryptoSlate.

One provision permits court officers to take possession of directly held crypto before a debtor receives formal notice of an attachment order, potentially limiting the ability to move assets after an order is issued.

The framework also outlines how creditors can seek court orders attaching a debtor's right to receive cryptocurrency held on exchanges, requiring custodians to prevent transfers of covered assets once an attachment order is served.

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