In line with recent announcements, the South Korean government has issued official regulatory guidelines concerning the trading of cryptocurrencies. The guidelines, which have been issued to banks and cryptocurrency exchanges across the country, outline measures that will bring an end to anonymous trading.

These guidelines outline various measures that seek to bring about greater regulation in the cryptocurrency market. A key measure is to eliminate the use of the anonymous trading of cryptocurrencies in South Korea, which it would seek to achieve via a "real-name account system".

The real name account system replaces the virtual account system. Virtual accounts are currently issued by banks to customers that make use of cryptocurrency exchanges to make deposits and withdrawals.

The system will go live on 30 Jan, 2018 for six of the largest South Korean Banks, including Shinhan Bank and Kookmin Bank. Individuals and businesses making withdrawals and deposits to cryptocurrency accounts will need to use their real names from that date. Accounts currently operating under the virtual account system will be changed to real name accounts.

This move follows a number of steps aimed at regulating the cryptocurrency market in South Korea. Further measures are expected, with the Financial Intelligence Unit (FIU) announcing on Tuesday that it was seeking to prepare counter-money-laundering regulations, which it would issue to banks and crypto exchanges imminently.