South Korea has officially started discussions to create the second part of its regulatory framework for cryptocurrencies.
The goal is to have the legislation drafted by the end of this year.
At a meeting held by the country's Financial Services Commission on Wednesday, key tasks to be addressed in the upcoming bill were outlined, South Korean news outlet Edaily reported.
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FSC Vice Chairman Kim So-young mentioned that major economies around the world have accelerated the development of crypto regulations to protect investors and eliminate regulatory uncertainty.
Last year, South Korea launched its first crypto regulatory framework after passing a law a year earlier.
This framework focused on safeguarding crypto investors by imposing stricter requirements on cryptocurrency exchanges.