According to South Korean lawmaker Back Hyeryun, South Korea's Virtual Asset User Protection Act may be passed in a parliamentary vote later this month. It will consist of a total of 19 different crypto-related bills and will grant the South Korean Financial Services Commission the power to oversee crypto companies and asset custody. It is reported that the new bill outlines a clear legal definition of virtual assets and imposes penalties on violations such as insider trading and market manipulation. In addition, digital asset companies will be required to purchase insurance to protect themselves from hacker attacks, and stricter regulations will be imposed on reserve funds and account management. These rules will apply to cryptocurrencies such as Bitcoin, while existing capital market laws will apply to tokens that the government considers to be securities. (Bloomberg)