Cryptocurrency traders no longer allowed to use anonymous bank accounts

The move is designed to stop virtual coins from being used for money laundering and other crimes and comes on top of stepped up efforts by Seoul to temper South Koreans’ obsession with cryptocurrencies, the online publication continues.

As policy makers around the world are calling for tougher, coordinated regulation of cryptocurrency trading, South Korea’s chief financial regulator said the government may consider shutting down domestic virtual currency exchanges. However, South Korea’s Presidential office has clarified that an outright ban on trading on the virtual currency exchanges is only one of the steps being considered, and not a measure that has been finalized.