Starting from next Tuesday, only virtual coin investors whose identifications have been confirmed will be allowed to take part in virtual currency transactions. 

The Financial Services Commission, the Financial Supervisory Service and the Korean Financial Intelligence Unit unveiled the plan on Tuesday when they disclosed guidelines for preventing money laundering.

Under the real-name transaction system, only real-name bank accounts and matching accounts at cryptocurrency exchanges will be allowed for deposits and withdrawals. The system is expected to create basic data for imposing taxes on the transactions and additional measures to curb speculative investment.

Also from next Tuesday, using existing virtual accounts will be prohibited and foreigners and minors will be banned from opening cryptocurrency accounts even if their identification is confirmed. 

Banks will be allowed to monitor whether virtual currency exchanges use accounts for personal purposes and will be able to refuse transactions that are deemed to have a high risk of money laundering. This means that banks will virtually be allowed to shut down problematic exchanges.