The government of South Korea has finally released its long-awaited statement on its new cryptocurrency regulations. A recent announcement was made by Kim Yong-bum, the Vice Chairman of the Financial Services Commission (FSC), in which the new regulations were carved out for the media.

A document covering the new guidelines was released on Tuesday the 23rd of January. The document covers guidance for the Korean Financial Intelligence Unit on tackling money laundering in regards to cryptocurrency. The document also contains Special Measures for the Elimination of Virtual Currency Speculation.

One of the key regulations to be put in place by the government is the demand that virtual accounts are replaced with real-name accounts, so as to easily identity users. Any users without an official account will not be allowed to deposit any money into their bank account.

The biggest banks in South Korea will take on the task of transferring virtual accounts into accounts that incorporate user's official identities. Banks have also been ordered to monitor the transactions and dealings of the cryptocurrency exchanges that they service, looking out for and investigating any potential money laundering. Any suspicious activity is to be reported to the authorities.