South Korean legislators passed a first phase review of proposed regulations that would give the nation’s Financial Services Commission authority to investigate and supervise financial activity related to “digital assets,” including cryptocurrency.

The proposed bill comes with myriad stipulations governing the sale, storage, and trading of cryptocurrencies with particular emphasis on consumer protection and compliance reporting.

Ruling People Power Party’s Digital Asset Special Committee member Hwang Suk-jin told media outlet Forkast that “both the ruling and opposition parties have agreed on the matter,” before suggesting the legislation would become law by the end of the year.

If passed, the bill would become one of the most sweeping pieces of national cryptocurrency legislation in existence. It would require exchanges and similar service providers to separate internal holdings from user assets, carry insurance, and maintain reserves in the event of non-market-related losses.

(by Tristan Greene)