South Korea is banning the use of anonymous bank accounts to make cryptocurrency transactions, in a bid to limit the use of virtual currencies for crimes such as money laundering. From January 30, holders of cryptocurrency wallets must now link their bank accounts and confirm their identities, similar to the 'Know Your Customer' money laundering regulations in the US. The country is also currently considering a ban on all cryptocurrency trading, in a bid to protect its citizens from the turbulent volatility of this asset class. "With South Korea being the world's third biggest crypto currency market, behind the US and Japan, any decision in the country could potentially swing prices globally," Mihir Kapadia, CEO and founder of London-based financial services firm Sun Global Investments, said.