South Korea started discussions concerning the development of the second part of its crypto regulatory framework.On Wednesday, South Koreas Financial Services Commission held a meeting to outline the key objectives of the next bill, local news outlet Edaily reported earlier today.The detailsKim So-young, Vice Chairman of the FSC, noted that major economies worldwide are accelerating their development of crypto regulations to protect investors and eliminate regulatory uncertainty. The countrys first crypto regulatory framework was implemented in July 2024, after being approved in 2023.The first half of the crypto regulatory framework focused on protecting crypto investors through strict requirements for crypto exchanges. One requirement was that service providers keep at least 80% of the assets in cold storage separate from the bulk of the funds.The regulators vice chairman reportedly promised that the upcoming framework would instead comprehensively and systematically regulate service providers, crypto users, and the crypto market. Topics discussed during the meeting included increasing the transparency of new digital asset listings on crypto exchanges and enforcing the same disclosure requirements as those seen in traditional finance in the crypto space.The meeting also reportedly touched on stablecoin regulation, with officials reviewing the best practices enforced around the world when it comes to reserve asset management for issuers and user redemption rights.South Korea is one of the most active markets in the cryptocurrency space. In fact, South Korean crypto exchange Upbit was the worlds third-largest centralized cryptocurrency exchange by volume last month.The news follows recent reports that South Korea plans to lift its ban on cryptocurrency trading by local institutional investors. The Financial Services Commission announced that it intends to to start allowing institutional investors to open trading accounts on cryptocurrency exchanges.So far, the practice has not been officially banned for institutional investors, but the FSC advised banks to forbid institutions from opening accounts on crypto exchanges. This guideline constitued a de-facto ban that will be gradually lifted, starting from nonprofits.The post South Korea plans new crypto law this year appeared first on ReadWrite.