South Korean investors in virtual currencies will be regulated buying and selling cryptocurrencies through a single bank account opened in their own names.
The preparation committee for the tentatively-named Blockchain Association of Korea said Wednesday that the autonomous regulatory plan will be put in place beginning in the New Year.
Launched last month, the association will play the role of the umbrella group for around 30 South Korean organizations created to advocate the rights of virtual currency investors.
The measure is expected to help ease the concerns that virtual currency investment is being manipulated for criminal schemes, such as money laundering.