South Korea will require virtual coin investors to confirm their real name accounts as part of efforts to prevent speculative investments in virtual coins.

According to financial authorities on Tuesday, six commercial banks which offer virtual accounts for cryptocurrency exchanges will provide deposit and withdrawal services for transactions with the exchanges only for individuals who confirm their real-name accounts. 

Investors and cryptocurrency exchanges must use the same bank for transactions. 

Officials from local banks and cryptocurrency exchanges said that the six banks, including Shinhan Bank and Nonghyup Bank, are installing a related program to implement the system at the same time on January 30th. 

The real-name transaction system for trading virtual coins is expected to create basic data for imposing taxes on the transactions and additional measures to curb speculative investment.