South Korea’s National Assembly on Friday approved a bill that focuses on protecting the interests of cryptocurrency investors in the country’s first step to build a legal framework devoted to such digital assets, according to the Assembly’s official website.

The legislation, which translates as the Virtual Asset User Protection Act, is expected to come into law in a year.The bill, an amalgamation of 19 proposals from lawmakers, requires crypto service providers to ring-fence user’s assets and deposits, to have insurance, to hold a portion of reserves in offline cold wallets in case of hacks or system failures, and to maintain records of all transactions.

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