South Korea's parliament passed the first independent law on cryptocurrencies. This law aims to increase investor protection and prevent the crypto market from falling. The law defines digital assets and imposes penalties for violations such as the use of non-public information, market manipulation and unfair trading practices. The South Korean Financial Services Commission will have the mandate to oversee crypto operators and asset custodians. The law also requires regulations such as insurance coverage, reserve funds, and record keeping. The law includes assets such as Bitcoin, as well as tokens recognized by capital market law. It is stated that the new regulations will initially focus on investor protection and then expand to provide more comprehensive oversight.