South Korea intends to tighten the rules for Bitcoin exchange

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It may become a series of updates aimed at improving the supervision of industry practices, the government will also seek to prohibit banks from issuing new virtual accounts for the exchange of cryptocurrencies.

According to the South Korean news agency Yonhap, the announcement was made by Hong Nam-ki, the minister of the Office for Government Policy Coordination, after discussion with vice ministers of other government bodies regarding the recent growth of cryptocurrency interests and domestic ownership.

Hong told the news source that only accounts with a real and comparable identification number can be resolved for depositing and withdrawing funds.

The government's ban on the use of anonymous accounts, in fact the mandate that exchange providers perform know-your-customer (KYC) due diligence, is seen as the last step to curb trade activity around the country's cryptocurrencies.

According to the report, the Financial Intelligence Unit and the Financial Supervisory Service will regulate and monitor exchanges to comply with the new rule.