In a bid to protect traders from the so-called perils of bitcoin, lawmakers in South Korea are drawing up a set of bill that will give digital currencies legal grounds in the country.

Leading the charge is Rep. Park Yong-jin, member of the ruling Democratic Party of Korea, who plans to introduce at least three revisions “to build a set of regulatory frameworks for digital currencies,” according to The Korea Herald.

Before getting to the legalization process, Park first needs to revise the Electronic Financial Transactions Act, and the revision will require businesses involved in cryptocurrencies to get regulatory approval from the country’s Financial Services Commission. To secure the approval, the companies need to retail capital of at least $436,300 and comply with strict know-your-customer (KYC) and anti-money laundering (AML) guidelines.

The other revisions will address income and corporate tax laws, enabling financial authorities to curb any instances of tax evasion from digital currency-related transactions.