The financial watchdog in South Korea has announced that a deadline has been set to instigate a ban on all anonymous trading within the cryptocurrency market in the country. From January 30th, all investors into digital currency in South Korea will have to state legitimate bank accounts with real names attached, to be able to continue trading.

This is a massive change in the industry and will mean that any funds deposited into cryptocurrency exchanges will have to come from bank accounts matching the names on the exchange accounts. Bitcoin and other digital currencies have been enticing many people due to the anonymous nature of transactions, and the move could have a massive impact on the value of cryptocurrencies.

The rule has been issued due to an inspection of anonymous crypto-accounts in various trading exchanges over the last few weeks, with assistance from six banks within South Korea.

On top of the new regulations, there is also to be the launch of an anti money-laundering guideline for all digital currency exchanges to follow. This will highlight scenarios where potential illegal activity is taking place, and explain which action should be taken. All minors and non-citizens will be restricted from using the new verification service.