Korea's Exchanges Face Seven-Day Deadline for Crypto Seizure Disclosure

South Korea's Supreme Court is proposing rules that would let courts force exchanges to identify and freeze debtor cryptocurrency within seven days.

The changes aim to standardize crypto seizure for civil debt collection in a market where 16.29 million people use the five largest exchanges.

This comes as South Korea nears an Aug. 11 deadline for public comments on proposed crypto seizure rules that could give exchanges just seven days to disclose customer holdings once served with a court order.

The Supreme Court's proposed amendments to the Civil Execution Rules would create a standardized process for creditors to freeze, identify and liquidate virtual assets held by debtors.