A new set of bills is reportedly being prepared to regulate and legalize cryptocurrencies like Bitcoin and Ethereum in South Korea.
Korea Herald reported that representative Park Yong-jin is drawing up three revisions this month to build a regulatory framework for digital currencies.
One of the bills will bring traders and companies engaging in cryptocurrency transactions under the purview of the South Korean government.
The other revisions address income and corporate tax laws to enable financial authorities to curb any instances of tax evasion from digital currency transactions.
South Korea has consistently figured among the world’s largest bitcoin trading markets this year.